Jamie Dimon: Improving this tax credit for low- to middle-income families is a 'no brainer'
Publishing timestamp: 2024-01-26 15:43:53
Summary
The article discusses the earned income tax credit (EITC) and suggests that it could be improved to provide more help to low- and middle-income families. JPMorgan Chase CEO Jamie Dimon supports increasing spending on the EITC and suggests taxing the wealthy more to pay for it. The article also mentions the possibility of eliminating the state and local tax deduction to boost the EITC. The EITC currently provides around $60 billion annually to workers and their families, but there are ways it could be more effective, such as expanding eligibility for childless workers and improving the technology used to administer the credit.
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Keywords: income disparity, business news, government taxation and revenue, taxes, personal saving, personal finance, tax preparation and payroll services, tax refunds, personal income, state taxes, accounting, family finances, tax reform, national taxes, jpmorgan drn, personal taxes, personal spending, local taxes, property taxes, legislation,
Source: https://www.cnbc.com/2024/01/26/jamie-dimon-improving-earned-income-tax-credit-is-a-no-brainer.html