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Jamie Dimon and different JP Morgan executives donated nearly $3,000 to centrist Democrat Kyrsten Sinema

JP Morgan executives donated nearly $3,000 to Kyrsten Sinema

April 19, 2022: -J.P. Morgan Chase CEO Jamie Dimon and different executives from the bank contributed to the campaign of centrist Democratic Sen. Kyrsten Sinema, opposing critical pieces of her party’s and Biden’s plan in the first quarter.

Dimon has given donations of $2,900 to the lawmaker’s political operation, according to Sinema’s latest Federal Election Commission filing. That amount is the most an individual can give directly to a candidate’s campaign. Records show that Dimon gave to lawmakers on different sides of the aisle in the last quarter, spanning from January to March 31.

Arizona is considering a swing state despite having two Democrats representing it in the U.S. Senate. The state went for Biden in the 2020 election since 1996 when a Democrat won Arizona. Since pushing back on her party, the senator, who has received support from executives and corporate political action committees, is up for re-election in 2024.

Sinema has opposed certain pieces of Biden’s plan, including the idea of increasing the corporate tax rate to 28% from 21%. She is in favor of the proposed 15% minimum corporate tax on large corporations’ declared income. Many financiers within Sinema’s party have already plotted a primary against her.

In January, the donations from Dimon and the different J.P. Morgan executives came after Sinema reiterated that she would not support proposed changes to the Senate’s filibuster rule. In February, Mary Erdoes, the CEO of J.P. Morgan Chase’s Asset & Wealth Management line of business, gave $2,900 to Sinema’s campaign. A vice-chairman at the bank, Robert Baynard, gave $2,000 to her campaign in late January.

Sinema’s leadership PAC, Getting Stuff Done, which sees $5,000 from the bank’s PAC in the previous year.

Sinema made over $1.6 million in the previous quarter, and her campaign has just under $7 million on hand.

A spokeswoman for J.P. Morgan told CNBC that Dimon donated to the campaigns of Sens. Tim Scott, R-S.C., and Patty Murray, D-Wash., along with Reps. Hakeem Jeffries, D-N.Y., and Patrick McHenry, R-N.C.

Dimon has been speaking about various policy issues for years, which include taxes. At a House Financial Services hearing last year, Dimon aimed Biden’s proposed tax hikes.

“The tax increase is four times what the tax decrease was from 2017,” Dimon said. “You all know the devil’s phrase is in the details; well, the details here are all that matter, not the top line of 28%.”

Dimon said that he’s not against having higher taxes on the wealthy but believes any recent legislation could target income.

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