I’m a patriot. I’ve always offered my help. I did to President Obama. I will to President-elect Trump. What I’ve heard is he wanted it to be about jobs and growing the economy. So it’ll be specifically about that. The BRT is 192 companies, pretty much Fortune 500 or the S&P 500, but representing half of all capital expenditures in the United States. It drives a tremendous amount of growth. I think the BRT could take a very proactive approach to help solve the nation’s problems and be part of the solution. That’s why I took on the challenge.
We’re talking very specifically about the need for corporate tax reform. We are driving capital overseas every single day. And you know, I think the government made a mistake to act as if the inversion was the problem. The problem is that our tax rate is so much higher than the rest of the world and the rest of the world’s been coming down in order to stay level. Because of that, companies are leaving their money overseas. They’re reinvesting it overseas. They’re buying companies overseas. And some of that’s permanent. It’s not coming back.
So I think the only question is how much damage is done before we change it. Every study shows that reducing corporate tax rates helps lower-paid people and wages. I’m hoping the new administration can do that.
Megan Murphy has a great interview piece at BusinessWeek talking with Jamie Dimon live from Detroit, where JPMorgan is working to improve the city. Seeing people like Dimon involved with the administration is very encouraging – this is a guy who gets things done and impresses just about everyone who’s ever had any dealings with him. I had the chance to see him speak with a small audience of wealth managers at JPM HQ this fall and came away hoping to see more of his ideas become incorporated into the US economy. Looks like that’s a possibility.
Hit the jump above to read the whole interview.