The massive debt in the United States is causing continued concern, and the CEO of JPMorgan is trying to have the wealthy pay more taxes to ease the government's debt burden.

In a local interview on Thursday, JPMorgan CEO Jamie Dimon proposed a 'two-pronged' financial plan: focusing on economic growth to bring the debt to GDP ratio back to a reasonable range; readjusting the tax system to benefit middle-income families.

Dimon said he hopes to build a competitive international tax system and maximize economic growth based on it.

In Dimon's view, fiscal spending will mainly be used for infrastructure, national defense, and the earned income tax credit (EITC), with the EITC portion being compensated for by taxing the wealthy more.

He stated:

"Geopolitical situations are the biggest risks facing the global economy, so the demand for increasing military spending will continue to grow."

"We may need to slightly increase taxes, similar to the Buffett Rule."

The Buffett Rule states that households with annual income of more than $1 million should pay no less than middle-class households in taxes. This rule stems from Buffett's repeated public statements that his income tax payments are identical to those of his secretary, Debbie Bosanek, who clearly has lower assets and income but pays a higher tax in Social Security tax.

This is mainly because the Social Security tax payment rules are very ‘friendly’ to the wealthy.

Although the social security tax rate for self-employed persons is nearly twice that of social workers, the highest taxable limit for this tax is $168,000, and those whose income exceeds this limit do not need to pay a higher proportion of taxes.

This situation is not unique. According to survey data, the current US tax system as a whole has a 'bias towards the wealthy.'

According to data released by the US government in September last year, the 400 wealthiest families in the United States actually only paid 8.2% of their taxes. Some believe that this is largely because of 'loopholes in capital gains tax.'

Research by the National Bureau of Economic Research in the United States in 2021 found that the unreported income of the top 1% of income earners increased by 50% from 2006 to 2013, and the financial income share of the top 1% increased by about 1 percentage point, which means that the tax evasion behavior of the wealthy is generally underestimated.

In the 2021 tax year update released this year, the US Internal Revenue Service reported that the tax rate of the top 1% of income earners had slightly decreased to 25.9%, while the tax rate of the bottom 50% of income earners was higher, at 3.3%.