"Dimon, a long-time advocate for policies that support America's most disadvantaged communities, repeated a call to increase income tax credits-even if it meant taxing the rich more.The Wall Street veteran himself said he'd be perfectly happy to pay more taxes if he knew the funds were going to land in the hands of people who needed it, as opposed to Washington's coffers."
"One way to redress the balance, he said, is to double income tax credit. He explained: "I would give people working more money as a negative tax ... I'd get rid of the child requirement. You're giving it to the people who actually use it to further their lives, spend in their communities, take care of their kids, as opposed to government dictating how you spend money on every little thing.""
The U.S. economy is K-shaped, with upper-income earners benefiting from homeownership and stock holdings while lower-income households lack rainy-day funds, face stagnant income growth, and encounter harder-to-find jobs. A proposed policy would double the earned income tax credit and convert it into a negative income tax without a child requirement to deliver cash directly to working people. Direct payments aim to boost consumer spending, strengthen communities, and help families care for children. Funding options include accepting reduced government revenue on the expectation that growth will offset losses, or increasing taxes on wealthy households. Large federal deficits and multitrillion-dollar spending complicate financing choices.
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