Wednesday, 1 March 2017

BIEN: JP Morgan CEO recommends Negative Tax at Davos

BIEN: JP Morgan CEO recommends Negative Tax at Davos

by Dave Clegg

"The 2017 World Economic Forum – WEF – being held at Davos Switzerland is where some of the world’s most influential figures meet to discuss the state of the world and, in particular, the economic concerns and opportunities that lie ahead. This year, Jamie Dimon CEO of JP Morgan offered his support for a negative tax – NT – as a means of raising the income of low wage earners.

A NT was promoted in the 1930’s by Premier ‘Bible Bill’ Aberhart in Alberta Canada and the 1950’s by Milton Freeman in the U.S. as a means of toping up a person’s income if it fell below a certain point. Of course, a NT is the poor cousin of a Basic Income since the NT only looks at last year’s income to determine the supplement to be granted this year. As a consequence, the added income a person required last year, does not arrive until a year later."

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