"Jamie Dimon warned that companies could leave high-tax cities like New York but so far, they aren't. In his annual letter to shareholders, he stated that New York City has 'much going for it,' but high taxes are inhospitable to some businesses."
"Dimon noted that some individuals might move, as the wealthy are already fleeing states with high taxes and costs of living. He highlighted that a proposed wealth tax in California has drawn sharp criticism from lawmakers and business leaders."
"He emphasized, 'Companies need to remain competitive in this very tough, fast-moving world. And higher taxes mean lower returns on capital and less competitiveness by their nature.'"
Jamie Dimon expressed concerns that high corporate and individual income taxes in New York City could lead to a decline in its workforce and businesses. Despite these warnings, demand for office space in NYC has increased in the first quarter. Dimon acknowledged the city's advantages but emphasized that high taxes could hinder competitiveness. He noted that some wealthy individuals are already relocating due to high taxes and costs of living. The proposed wealth tax in California has also prompted some businesses to move out of the state.
Read at www.businessinsider.com
Unable to calculate read time
Collection
[
|
...
]