Jamie Dimon, JPMorgan Chase’s chief executive, has been out front among Wall Street chiefs in supporting higher tax rates on individual taxpayers as a way to avert the fiscal cliff.
In fact, Dimon has even said that he'd be willing to pay higher taxes on his own income, which was around $23 million last year alone. Add to that, the CEO is a member of Fix the Debt, a nonprofit group with the mission to promote ways to reduce the national debt.
Yet JPMorgan, the biggest bank in the country by assets, appears to be unwilling to sacrifice its own tax benefits to help bring down the national debt. Instead, it has spent millions this year alone lobbying Congress to extend a key loophole that allows the bank to avoid paying a tax bill on its foreign income.
The corporate tax break is known as the "active finance exception," and it allows multinational companies to earn interest on overseas lending and defer paying taxes to the U.S. government indefinitely.