Jamie Dimon, the big boss at JPMorgan Chase, thinks the government should give low-income Americans a big tax break. He wants to change the Earned Income Tax Credit (EITC) so that it’s available to everyone who works, not just those with kids.
A Big Boost for Families
Dimon wants to make the EITC a $10,000 bonus, which would mean someone making $14,000 a year would actually get $24,000. He thinks this would help families get back on their feet and boost the economy.
How It Works Now
The EITC already gives tax breaks to low-income workers, but the amount depends on how much you make and if you have children. Right now, the maximum credit is around $17,000 for single people without kids and $63,000 for married couples with three or more children.
Funding the Bonus
Dimon says he would pay for the EITC changes by raising taxes on wealthy people. He believes that giving low-income workers more money would help them get jobs, reduce crime, and make communities stronger.
The Need for Help
The latest numbers show that over 7 million Americans are out of work, and many more are struggling to make ends meet. Dimon thinks this $10,000 tax bonus could be a big help for those families.
