Jamie Dimon Doesn't Know How Much He Pays In Taxes

Jamie Dimon Doesn't Know How Much He Pays In Taxes

Moneybox
A blog about business and economics.
Dec. 8 2011 9:42 AM

Jamie Dimon Doesn't Know What His Tax Rate Is, But He Sure Is Mad About It

James Dimon, Chairman and CEO of JP Morgan Chase
James Dimon, Chairman and CEO of JP Morgan Chase

Photo by Mario Tama/Getty Images

Next time you read an article about the behavioral response to marginal tax rates on high income earners, I would urge you to refer back to JP Morgan Chase CEO Jamie Dimon's fine whine that "most of us wage earners are paying 39.6 percent in taxes and add in another 12 percent in New York state and city taxes and we're paying 50 percent of our income in taxes."

The thing about this is that the actual top marginal income tax rate is 35 percent. The entire debate in congress over taxes is that President Obama wants to restore the top marginal rate to the level that Dimon thinks it already is. Meanwhile, Dimon doesn't even know what tax rate he pays. Just saying.

Matthew Yglesias is the executive editor of Vox and author of The Rent Is Too Damn High.

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