JPMorgan's Jamie Dimon has 'no problem' paying higher taxes

JPMorgan Chase chief executive Jamie Dimon has “no problem” paying higher taxes -- so long as the money is used effectively by the government.

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“I believe that individuals earning the most can afford to pay more, and I have no problem paying higher taxes to address some of the fundamental challenges and inequities in our society,” the billionaire said in a statement to FOX Business.

But DImon, whose net worth is estimated close to $1.3 billion, according to Forbes, said the government needs to ensure that tax dollars are being put to the “most effective” use, like expanding the earned income tax credit, alongside other programs that support the people and communities who need it the most.

“I’ve also argued for fair and competitive corporate taxes in the U.S. so that America will be the best place in the world to invest and create jobs,” he added.

Dimon’s comments come in the midst of a bipartisan debate over whether to increase -- or eliminate entirely -- a wealth and estate tax in the U.S. Sens. Elizabeth Warren, D-Mass., and Bernie Sanders, I-Vt., have both unveiled plans that to raise taxes on the country’s wealthiest residents and dramatically expand the federal estate tax, respectively.

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Three top Republicans, meanwhile, simultaneously proposed a bill that would eliminate the federal estate tax entirely.