The Lookout

JPMorgan CEO Jamie Dimon doesn’t know his tax rate

Zachary Roth
The Lookout

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JPMorgan CEO Jamie Dimon. AP Photo/Paul Sakuma, file

When you make as much money as Jamie Dimon, you don't need to know what tax rate you pay.

The JPMorgan Chase CEO -- a recent target of Occupy Wall Street protesters -- was asked at an investor conference today about what some see as a hostile political environment toward banks.

"Acting like everyone who's been successful is bad and that everyone who is rich is bad — I just don't get it," Dimon responded.

Then he added: "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."

In fact, as Slate's Matthew Yglesias notes, the top marginal tax rate is currently 35 percent. Congress is currently debating whether to return it to 39.6 percent, which is where it was under President Clinton. That's what the debate over whether to extend the Bush tax cuts is about.

Dimon was paid $20.8 million last year, Reuters reported. JPMorgan has received over $3 billion from taxpayers in bailout funds. In June, it agreed to pay $153.6 million to settle charges it misled investors in pushing the kind of complex mortgage-backed securites that helped cause the financial crisis.

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