"We need to focus on good policy -- policy that works and we've got to shed bad policy. The advice I give to the government with all these things is, how you spend the money is more important than whether you spend the money," Dimon said during an exclusive interview with FOX Business' Maria Bartiromo.
President Biden has called for a slew of tax hikes, including raising the corporate tax rate to 28% from 21%, nearly doubling the capital gains tax rate to 39.6% from 21%, restoring the top individual income tax rate to 39.6% from 37% and taxing capital gains at death.
"I don't think there's any chance it'll actually go that high," Dimon said Wednesday on "Mornings with Maria."
He pointed out that the Trump administration’s Tax Cuts and Jobs Act had lowered the corporate tax rate from 35% "very intelligently," and gave the U.S. a global competitive edge, but stressed, "I reserve my judgment until I see the details" in respect to Biden's policy.
"I thought Secretary Mnuchin did an outstanding job, just about everything he did, but they broadened the [tax] base by a trillion," Dimon explained. "The Biden increase from 21 to 28 is a number like three trillion, because it's not the 21 to 28 its all the other [things]. The devil's in the details."
"But if the American public sees a lot of boondoggles and stuff like that," he continued, "they're going to reject these things."
The businessman suggested that the government should collaborate more with private businesses to help achieve concrete goals.
"That policy stuff I'm talking about is the difference in America of 3.5% growth and 2% growth. It's the difference between kicking China's butt and looking like we're losing," Dimon explained. "And that growth advances the military, advances social programs, advances everything in the world."
When asked about inflation, Dimon said it’s not an immediate concern but not likely transitory either.
"I don’t [agree with the Fed]. But I’m also looking ahead and you still have a lot of stimulus that hasn’t been spent, and a lot more stimulus coming," Dimon clarified. "You know, having a fiscal deficit that big is unprecedented."
Dimon believes the solution for a healthy economy is growth.
"This country can afford that as long as we grow. And we need to do the biggest fix of all, it's faster growth," he said.
FOX Business' Megan Henney contributed to this report.