Some business leaders may be concerned about some of the tax proposals being floated by Democratic candidates for president. But plenty of them — from JPMorgan Chase CEO Jamie Dimon to Starbucks founder Howard Schultz — agree that it’s time for wealthy people like them to pay more.
“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 banker Dimon told Fox Business.
“I should be paying more taxes,” Schultz agreed. “And people who make this kind of revenue, and are of means, should pay more taxes.”
Taxing the rich is popular
Still, Dimon, Schultz, and others have expressed concern about proposals like a new 70% top income tax rate, or Sen. Elizabeth Warren’s idea for a 2% annual tax on household wealth over $50 million. (Both ideas are widely popular, including among Republican voters, who recognize we’re living in a second Gilded Age of wealth inequality.)