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Stephen Gandel

Dimon's Folly on Tax Cuts Hints at Market Shift

Benefits won't go to wages this time around as profit margins continue to climb.

Jamie Dimon, the CEO of the nation's largest bank, JPMorgan Chase & Co., has turned out to be no Donald Trump lap dog. He joined the president's CEO advisory council, but he's also reportedly challenged the president as well. He told Trump in a meeting with other business leaders that he didn't think China was a currency manipulator, which had been one of Trump's more persistent campaign talking points.

Earlier this year, though, at JPMorgan's annual investor day, Dimon gave a full-throated defense of Trump's expected corporate tax cut proposal. Dimon said it wasn't about boosting corporate bottom lines or the profits of banks like his. Instead, the corporate tax cut was needed for American workers.