He encouraged Republicans and Democrats to understand the other side’s grievances and said that if the government can demonstrate it is spending money properly, education and infrastructure budgets should rise. Dimon then waded back into one of the signature political debates ahead of the 2020 elections:
“That may very well mean taxing the wealthy more,” Dimon said. “If that happens, the wealthy should remember that if we improve our society and our economy, then they, in effect, are among the main winners.”
In terms of solutions, Dimon charted out suggestions for improving education, healthcare, regulation, and other issues. Several echoed efforts made by J.P. Morgan, such as the joint venture between the bank and Amazon and Berkshire Hathaway to reduce healthcare costs and improve outcomes.
Despite the occasional entreaty from a shareholder for Dimon to enter the political realm, he has consistently said he wouldn’t run for elected office. But that hasn’t stopped him from opining on what those in government should aspire to.
“If I were king for a day, I would always have a competitive business tax system and invest in infrastructure and education,” he said. “I would not trade these issues off – I would figure out a way to properly pay for them.”
For more on Dimon’s annual letter,
read this.
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