Biden Tax Plan: JPMorgan Chase CEO Jamie Dimon Has Strong Opinions, Wants More Details

President Joe Biden’s ambitious calls for more taxing to fund infrastructure and social programs has drawn some support from big business, but one name has remained absent from the list: JPMorgan Chase CEO Jamie Dimon.

Dimon said in an interview Thursday that he wanted more details before endorsing the idea, concerned about capital gains taxes and government overreach.

His comments came during the general membership meeting. Dimon said that although he’s not categorically opposed to more government spending, he wants to see more on precisely how it would be paid.

"I'm concerned about how the money's going to be spent," Dimon said. “The government needs to be very clear about what they want to accomplish… We're just throwing money. It doesn't work. We already waste tremendous sums of money."

Dimon singled out community college as a potential waste, also expressing worry about the effect a high marginal tax rate on capital gains and the wealthy would have on the economy. Biden has proposed doing away with Trump-era tax cuts and replacing them with even higher rates to increase revenue. Dimon says that would be disastrous.

"If policymakers don't get that ... they are making a mistake," Dimon said.

Speaking about climate change, Dimon agreed that it was “real” but said that the public doesn’t necessarily know how to solve it, that strong action would be counterproductive when compared to a carbon tax. The solution to climate change, he says, will come not from the public but from businesses.

“There are a lot of things that people ask us to do which are capricious, arbitrary, a waste of time, expensive, and will not accomplish the objectives of climate change,” he said. “If you don't support a carbon tax, you're barely being serious.”