Jamie Dimon sounded off on high taxes and poor quality of life being major factors in the exodus of people and businesses from blue states.
“I tell people everyone's got to compete, including cities, and for a city to compete, of course it's quality of life, it's your subways, it’s your hospitals,” Dimon said.
“But it's also individual taxes, state taxes, corporate taxes, and it drives people out,” he continued.
Dimon compared blue states and red states, saying “all you have to do is look at California versus Nevada” and “New York versus Florida.”
“There's a huge exodus taking place,” he said. “It's not good for the city. And people just make a mistake, ‘Oh just tax these people.’ But that's the outcome. And very often people think they're being moral by doing that, but they're not. What they're doing is they're hurting your own city. And, you know, unfortunately, people vote with their feet.”
A blue state exodus has shown that some business leaders and companies are moving to the more pro-business environments of states like Florida and Texas.
Since August 2025, Playboy Enterprises, Public Storage, Yamaha Motor Co. and Uber have all announced plans to move out of California. Playboy’s move will take it to Miami, Florida, while Yamaha intended to relocate to Georgia. Both Public Storage and Uber planned on settling in Texas.
Earlier this year, Palantir confirmed a move from Denver, Colorado, to Miami, Florida, while ExxonMobil announced a plan to move from New Jersey to Texas.
JPMorgan Chase CEO Jamie Dimon offered an inspiring message to young people who are getting ready to embark on their careers.
“Learn how to think, learn how to think for yourself,” Dimon said. “Be independent and have a little grit, have a little courage. Read everything. Don't get weaponized by the left or the right. Be smart. Have a heart. Be part of a team as opposed to, you know, pound your chest and being about yourself.”
Dimon added that young people are “going to have more jobs than we ever did.”
“They’re probably going to have more flexibility over time,” he said. “They'll have a great career.”
Dimon added: “The notion that productivity in the United States is going to go down, that's not going to happen. What's going to happen is jobs will change over time.”
{{#rendered}}Jamie Dimon said that while AI has led to some job losses, the emerging technology is leading to changes in the workforce that could see workers retrained and reskilled instead of being replaced — if the proper plans are put in place at a federal level.
Dimon acknowledged that the rapid advancement of AI “could be disruptive to jobs,” though will ultimately lead to a better future.
"AI in the long run is going to be unbelievable. ... My guess is, you know, our grandkids will be working three and a half days a week, they’ll live to 100, they won't have all of our diseases," he said.
Dimon said that JPMorgan Chase has a plan in place to redeploy and reskill its workers, and called for a federal plan to do the same.
“We have had some job losses because of AI,” he said. “But most of those people are offered jobs elsewhere. They're smart, they're devoted, they're patriots. … So redeploy, reskill, relocate. You know, in some cases, early retirement.”
Dimon added: “Jobs will be lost. The system will adjust. If it just goes too fast, we should have a plan to fix it.”
Jamie Dimon praised the idea behind the “Trump accounts,” predicting that they will “do wonders over time.”
President Donald Trump introduced the accounts as part of his “One Big Beautiful Bill.” The accounts are a new type of tax-advantaged investment and savings account designed specifically for American children under the age of 18.
“I think it's a great idea,” Dimon said. “And we're going to participate. I think we've already announced to be given $1,000, also ourselves. And I like the fact that people like Michael Dell are going to do it, you know, $250, but for like 10 million people. It'll get people involved in the country and paying attention.”
“FOX & Friends” co-anchor Brian Kilmeade suggested that when people go to a party, they can just put money into the child’s account instead of “getting a gift they're never going to use.”
Dimon replied: “I think it's I think it's going to do wonders over time.”
Jamie Dimon was asked about Sen. Bernie Sanders, I-Vt., targeting the America’s wealthiest, saying that the progressive senator’s stance won’t fix the problems that Americans face.
“What do you say to people like Bernie Sanders, who says it every day, 20 times a day, billionaires and millionaires don't pay their fair share,” “FOX & Friends” co-anchor Brian Kilmeade asked.
Dimon replied: “I don't know what he means by fair share.”
“I've listened to that my whole life, and I don't know what he means,” Dimon said. “I mean, I think that we could acknowledge there are flaws and attack the flaws. I don't think just taxing someone is going to attack the flaw.”
“As a matter of fact, I don't think most American citizens believe that if we taxed $1 trillion more incentive down to Washington, D.C., that the country be worse off,” he continued. “I think what they believe is that money should be given out to special interest groups and the friends of this politician, that politician.”
Dimon said that the U.S. needs policy that drives growth, citing regulatory policy, immigration policy, merit-based policy and a path to citizenship. He also added that the government should double an individual’s income tax credit.
“Like literally, if you are making $14,000 to $15,000 a year, that the government gives you 12, not just six,” he said. “And I think that would put money in the hands of people working. It would be better social outcomes, more home ownership, less crime, less recidivism, that first rung in the ladder, at least the second rung, and the money to be spent in their local communities.”
{{#rendered}}Jamie Dimon praised the Trump administration's limits on new government regulations, saying that too much regulation, like in a blue state such as New York, has “crippled our ability to build.”
“I tell people, get 10 or 20 small businesses, take them to lunch and ask them what they have to go through with federal, state, local regulations, audits, rules, OSHA, workers comp insurance litigation,” Dimon said. “And you'll say to you, how do they even survive? You know, big companies can afford that better than small companies.”
“I just think people should be talking about good regulations, not always more,” he continued.
Dimon said that getting projects done in New York state “can take you ten years, and then after that, you have litigation.”
“We have crippled our ability to build,” Dimon said, citing affordable housing as an example.
“A lot of the reason there's no affordable housing is local zoning laws and local rules and local requirements. And the cost is 50% higher because of all those rules,” he said.
“If we want to fix these problems, we have to do is get smart, think about it, analyze it, admit it and do something about it,” Dimon said.
JPMorgan has always been dedicated to helping grow the U.S. and countries around the world, according to CEO Jamie Dimon, who said he is “very excited” its American Dream initiative.
“We simply got our people to say, what more can we do to help fix those things which ail America,” Dimon said. “And so, and that's what this is. Our people are quite excited about it. We're going to double down in small business, affordable housing, mortgages, financial education, teach people how to invest money, teach people, start businesses. So, our folks are very excited about it.”
Dimon called the initiative a “focused crusade,” emphasizing that “the American dream is not over.”
“America is the most prosperous nation the world has ever seen,” he said. “That's true today, but what is true, too, is that for part of the folks, that it hasn't been the American dream. And think of the lower income folks, people in certain rural areas or certain inner cities. The schools don't work, there's too much crime, they're not getting jobs. Incomes haven’t gone up for a long time.”
JPMorgan CEO Jamie Dimon told “FOX & Friends” on Tuesday morning that while the economy is doing well, the markets will remain concerned until the war against Iran is over.
Dimon was asked about the impact of Iran war on the American economy.
“Look the markets are unpredictable and it's hard to for me to tell you exactly what,” Dimon said of a potential impact. “But I think they're just looking at, is there a chance something can go wrong now? We should all hope nothing goes wrong. We should all hope that … we win this thing and clean up the straits and that Iran is no longer a threat to everybody. The markets will be concerned until it's over.”
Dimon added: “It's much more important that this be successfully completed than what the market does.”
{{#rendered}}JPMorgan Chase on Tuesday announced the launch of its American Dream Initiative (ADI), which will invest in communities around the U.S. through several focus areas, including one focused on driving the growth of small businesses and entrepreneurship.
The ADI aims to support small businesses by expanding their access to capital, providing advice and training, additional financial services, community investments and more.
Chase Business Banking CEO Ben Walter is leading the firm's business growth and entrepreneurship pillar of the initiative and told FOX Business in an interview that, "We want to serve more and more small businesses to help them grow and thrive in their local communities, employ more people and drive economic success in their communities."
"We support 7 million small businesses today. Over the next 10 years, we want to grow that to 10 million small businesses we support through core relationships. As part of that, we want to deploy $80 billion in credit to them over the next decade. That's a lot of money any way you count it to help them grow their businesses," Walter said.
"Critically, we want to pair that with coaching and education," Walter said, noting that the firm currently has a Coaching for Impact program with 87 coaches who provide free coaching to small businesses around the country through a nine-month program. JPMorgan plans to nearly double the number of coaches to 150 as part of the ADI.
This is an excerpt from an article by FOX Business' Eric Revell.
Coverage for this event has ended.