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JPMorgan Chase CEO talks in WISH-TV exclusive about fixing US income inequity

JPMorgan Chase CEO talks in WISH-TV exclusive about fixing US income inequity

INDIANAPOLIS (WISH) — Jamie Dimon‘s words can have a huge impact on financial policy around the globe.

Earlier this week, the chairman and chief executive officer of JPMorgan Chase, the world’s largest bank, sat down for an exclusive interview with News 8 Senior Daybreak Anchor Scott Sander.

One of his points: U.S. lawmakers need to make a small change to tax law to make an enormous impact on families. He carries a personal passion for expanding the country’s earned income tax credit, a credit that benefits families with low to moderate incomes.

He said almost a year ago in a shareholder letter about the earned income tax credit (EITC) that “fixing income inequality will reignite the American Dream.” Sanders asked him to elaborate on those words.

“So the EITC, just to give you the numbers, if you’re a single parent making $14,000 a year with two children, you get a check for $6,000 at the end of the year, kind of a negative income tax. If you’re a single parent with no children, you only get $600.

“I would make it much bigger because I think jobs bring dignity, jobs bring better outcomes, better family outcomes, lower crime, less drugs.

“You know, that first rung in the ladder leads to the second rung in the ladder: I would like double it and get rid of the child credit because I think getting money into the hands of those people and into those communities is the best way to help them.”

He also says other ways to help involve child care and health care, so families can afford more things.

“And by the way, Democrats and Republicans support this. Paul Ryan supported it. I know the Democrats support it.

“There are a whole bunch of political reasons why we can’t get it over the line.”

Does he think the proposal has any traction? Or what has to happen to actually help families?

“I don’t know. If you look at, like I said, Democrats and Republicans support it. Businesses support it. I think the Business Roundtable supports it. I think it will have to be part of a bigger compromise one day. So if the tax bill is ever opened up again, this should be part of it.

“You have to pay for it. It would cost another $30 billion, $40 billion, $50 billion, but there are a lot of tax breaks out there that are unnecessary, including carried interest, by the way. So I think there are ways to pay for it that make sense.”

Dimon also says changing the earned income tax credit would do more than anything else to lift up low-income neighborhoods.

This story was created from a script aired on WISH-TV.