JPMorgan’s CEO doesn’t know what tax rate he pays

at 10:45 AM ET, 12/08/2011

James "Jamie" Dimon (Daniel Acker - Bloomberg News)
JPMorgan CEO Jamie Dimon making the case against raising taxes on the rich: “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 only problem? The top marginal tax rate is 35 percent. And that’s only on income after $250,000. On income under $250,000, the tax rate is lower. So even before Dimon’s accountant gets involved, he’s not paying 35 percent, much less 39.6 percent. “Next time you read an article about the behavior response to marginal tax rates on high income earners,” comments Matt Yglesias, remember “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.”

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