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JP Morgan CEO Jamie Dimon Says Trump's Tax Cut Will Lead To 4% Economic Growth

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JP Morgan Chief Executive Jamie Dimon said that the US President Donald Trump's tax cut will lead to economic boom this year.

Speaking on CNBC on Wednesday during the World Economic Forum in Davos, Switzerland, said the tax reform will improve wages and will result in an economic boom. Dimon expects economic growth to reach 4 percent this year.

"I think it's possible you're going to hit 4 percent some time this year," Dimon said in an interview at the World Economic Forum in Davos, Switzerland, on the CNBC. "I promise you, we are going to be sitting here in a year and you all will be worrying about inflation and wages going up too high."

Expressing his support for the tax reform, Dimon said, "I can't believe that people think having an uncompetitive tax system is a good thing. The real benefit comes over time. Competitive taxes [will lead to] more capital, more jobs, more companies investing here."

On Tuesday, JPMorgan, the world's biggest bank by assets, said it will invest $20 billion over five years that will benefit its employees and support job and local economic growth in the US.

Through the new investment, the bank expects to develop hundreds of new branches in several new U.S. markets, increase wages and benefits for hourly U.S. employees, make increased small business and mortgage lending commitments, add 4,000 jobs throughout the country and increase philanthropic investments.

Under the $20 billion investment plan, the company will increase wages by 10 percent on average, ranging from between $15 and $18/hour, for 22,000 employees.

by RTT Staff Writer

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