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[quote=jsteele]I first came across this story on Atrios' blog, but thought I'd post about it here. JPMorgan CEO Jamie Dimon was quoted by the AP as saying the following:

"Most of us wage earners are paying 39.6 percent in taxes and add in another 12 percent in New York state and city taxes and we're paying 50 percent of our income in taxes," Dimon said in defense of his fellow Wall Street bankers.

If this is Dimon's understanding of our tax system, it is really no surprise that his bank needed to be bailed out. Like everyone, Dimon has a number of exemptions to his taxable income. So, not all of his income is taxed in the first place. Then, tax rates are marginal. So, not all is taxed at the highest rate. Moreover, the top tax rate at the moment is not 39.6 percent. The top tax rate is 35 percent and that only kicks in at $379,151 (for married filing jointly or single) and everything below that is taxed at a lower rate. 39.6 percent was the rate before the Bush tax cuts.

According to Reuters, Dimon's compensation last year was $42 million.

http://www.reuters.com/article/2011/04/08/us-jpmorgan-idUSTRE73681B20110408

Since much of his income was not wage income, he probably pays a lower rate on a large portion of his earnings as well. It would be interesting to know his actual tax rate. But, I bet he would not be as eager to disclose that as he is to make the false claims reported above.

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