JPMorgan Chase & Co. Chairman, President and CEO Jamie Dimon suggested that the U.S. may elect a new president in 2020.
Discussing when the U.S. will see a new president, Dimon said "If I had to bet, I'd bet in three and a half. But the Democrats have to come with a reasonable candidate."
Dimon, who was once part of President Donald Trump's now-dissolved business advisory group, said he disagrees with Trump's rhetoric that the U.S. is falling behind other nations of the world. Dimon said the U.S. is still the best country, although he noted there are still plenty of places to make improvements.
On tax reform, for example, Dimon said he agrees on the need to change the corporate code so that money earned abroad is not trapped overseas. Dimon said Congress needs to focus on allowing companies to bring cash back to the U.S. for domestic investment, although he noted that some companies would elect to use the cash for dividends and buybacks.
Dimon said the tax rate on companies is less important than having a more competitive tax system. He said he would like to see Congress get rid of carried interest, deferrals for hedge funds, and state and municipal tax deductions.
"If you want to raise my rate so be it," Dimon said, adding that companies would be happy to pay taxes if it means a simplified tax system that removes disincentives for competition.
