JPMorgan CEO Jamie Dimon has offered praise for the “Buffett Rule,” a proposal that would see the wealthy taxed more, to tackle US debt.

The US national debt is at a record high, with no sign of slowing in sight. Many methods have been proposed to reign in the debt, but most have met with limited success or stiff political opposition. Dimon believes higher taxes for the wealthy, as outlined by the Buffett Rule, may hold the key to reducing the debt.

In an interview with PBS NewsHour’s Judy Woodruff, Dimon voiced his support for the Buffett Rule (lightly edited for grammar):

“I think it’s doable. I would spend the money that helped make it a better country. So some of it is infrastructure, Earned Income Tax Credits, military. I would have a competitive national tax system, and then I would maximize growth. Remember, growth isn’t just about all that, it’s also about faster permitting.

“And then you will have a little bit of deficit. And you would maybe just raise taxes a little bit, like the Warren Buffett type of rule. I would do that, and we would be fine.”

What Is The Buffett Rule?

The Buffet Rule is based on the idea that the wealthy should pay their fair share of taxes, and certainly should not pay a smaller share than middle class households, as outlined in a National Economic Council policy report:

The Buffett Rule: A Basic Principle of Tax Fairness

The Buffett Rule is the basic principle that no household making over $1 million annually should pay a smaller share of their income in taxes than middle-class families pay. Warren Buffett has famously stated that he pays a lower tax rate than his secretary, but as this report documents this situation is not uncommon. This situation is the result of decades of the tax system being tilted in favor of high-income households at the expense of the middle class. Not only is this unfair, it can also be economically inefficient by providing opportunities for tax planning and distorting decisions. The President has proposed the Buffett Rule as a basic rule of tax fairness that should be met in tax reform. To achieve this principle, the President has proposed that no millionaire pay less than 30 percent of their income in taxes.

Dimon Is Not Alone

The Buffett Rule goes against some popular ideas on economics by promoting the idea that the wealthy should pay more. Despite that, some of the world’s richest individuals have asked governments to tax them more and use the proceeds to help address economic inequality.

In an open letter, more than 250 billionaires and millionaires have asked global leaders to do exactly what Dimon has advocated for.

We are surprised that you have failed to answer a simple question that we have been asking for three years: when will you tax extreme wealth? If elected representatives of the world’s leading economies do not take steps to address the dramatic rise of economic inequality, the consequences will continue to be catastrophic for society.

Our drive for fairer taxes is not radical. Rather, it is a demand for a return to normality based on a sober assessment of current economic conditions. We are the people who invest in startups, shape stock markets, grow businesses, and foster sustainable economic growth. We are also the people who benefit most from the status quo. But inequality has reached a tipping point, and its cost to our economic, societal, and ecological stability risk is severe – and growing every day. In short, we need action now.

Our request is simple: we ask you to tax us, the very richest in society. This will not fundamentally alter our standard of living, nor deprive our children, nor harm our nations’ economic growth. But it will turn extreme and unproductive private wealth into an investment for our common democratic future.

The letter, in its entirety, has been signed by such notables as actor Brian Cox, filmmaker Abigail Disney, oil heiress Valerie Rockefeller, and industrial heiress Ise Bosch.