Dimon Says Time to ‘Get It Done’ on Modernizing Tax Code

In July, he railed against issues facing the U.S. and the failure of politicians to address them, saying "it's almost an embarrassment being an American traveling around the world." A few weeks later, he said he supported the dissolution of Donald Trump's council of CEO advisors because he strongly disagreed with the president's reaction to the racial violence in Charlottesville, Virginia.

A more competitive tax code would also reduce incentives for U.S. companies to relocate abroad or be acquired by foreign companies, he said Wednesday. The current system, which exposes domestic corporations to taxes in both the countries where profits are earned and at home, has "trapped more than $2.6 trillion outside the U.S.," he said.

"Imagine what it could mean for our country if that money (and future earnings) were free to come back to the U.S. instead of sitting overseas," Dimon said.

Tax reform should also do more for lower- and middle-class workers through programs such as earned-income tax credits, Dimon wrote.

The administration's plan would condense the existing seven individual income tax brackets to three and cut the top individual rate to 35% from 39.6%. While many details remain unclear, it has been criticized for adding to the budget deficit and disproportionately benefit the wealthy. Trump said Tuesday that he plans to make changes to the plan within the next few weeks.

— Check out How 4 Big US Banks Stack Up With Customers on ThinkAdvisor.