Jan 30, 2019

Jamie Dimon supports paying higher taxes to offset inequality

Photo: Jim Watson/AFP/Getty Images

JPMorgan Chase CEO Jamie Dimon told CNBC Wednesday that he has "no problem paying higher taxes to address some of the fundamental challenges and inequities in our society," but that government spending must be efficient.

Flashback: Dimon told Axios he supported the 2017 Republican tax bill that lowered the corporate tax rate from 35% to 21% because he believed corporations would reinvest capital to create jobs. But a new survey from the National Association for Business Economics shows the $1.5 trillion tax cut package "appeared to have no major impact on businesses' capital investment or hiring plans," according to Reuters. The government's growing budget deficit, meanwhile, will force the Treasury Department to borrow $1 trillion for the second straight year.

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Pence: Coronavirus impact in U.S. may be "most comparable" to Italy

Vice President Mike Pence told CNN Wednesday that White House modeling suggests "Italy may be the most comparable area to the United States" in terms of the impact of the coronavirus pandemic.

Why it matters: Italy has become one of the global epicenters of the pandemic, with 105,792 cases and 12,428 deaths. Public health experts have warned for weeks that the U.S. would be on the same path if it didn't take drastic measures to stem the spread of the virus.

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Jason Kilar named CEO of WarnerMedia

Jason Kilar, CEO of Hulu. Photo: Jemal Countess/Getty Images

Jason Kilar has been named CEO of WarnerMedia, effective May 1, the company announced Wednesday.

The big picture: Kilar, the founding CEO of Hulu, replaces John Stankey, AT&T’s president and chief operating officer. Kilar will report to Stankey, who has been acting as CEO of WarnerMedia. WarnerMedia is on the brink of launching its own streaming service, HBO Max. Kilar is a streaming, media and technology veteran, having spent years at Amazon leading its North American media business prior to his time at Hulu.

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 11 a.m. ET: 883,225 — Total deaths: 44,156 — Total recoveries: 185,377Map.
  2. U.S.: Total confirmed cases as of 11 a.m. ET: 189,753 — Total deaths: 4,090 — Total recoveries: 7,141Map.
  3. Axios-Ipsos Coronavirus Index: It's "a tale of two Americas" as the rich are more likely to work from home and the poor are more likely to report to work.
  4. Federal government latest: President Trump said the next two weeks would be "very painful," with projections indicating the virus could kill 100,000–240,000 Americans.
  5. State updates: Washington and California appear to have slowed their surges of new cases — Florida cases have been doubling the past four days, approaching 7,000.
  6. NYPD: Over 1,400 of its employees have reportedly tested positive for COVID-19.
  7. What should I do? Answers about the virus from Axios expertsWhat to know about social distancingQ&A: Minimizing your coronavirus risk.
  8. Other resources: CDC on how to avoid the virus, what to do if you get it.

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