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Jamie Dimon slams state and local tax repeal as a benefit to the rich


Jamie Dimon, chief executive officer of JPMorgan Chase & Co.

Giulia Marchi | Bloomberg | Getty Images

Democrats pushing for a repeal of the SALT cap have an unlikely opponent: Jamie Dimon.

In his annual shareholder letter, the chairman and CEO of JPMorgan Chase took aim at a host of carve-outs and loopholes in the tax code that serve special interests rather than the long-term benefit of the country. Specifically, he said “state and local governments are equally to blame” because of their efforts to repeal the $10,000 cap on state and local tax deductions.

And he cited research showing that the vast majority of the benefits of any SALT repeal would flow to the wealthy.

He said just five…


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