ToplineJPMorgan Chase CEO Jamie Dimon on Friday criticized New York City Mayor Zohran Mamdani’s tax proposals, calling his policies “embarrassing,” as state legislators are set to vote on an additional tax on single-family homes worth $5 million or more. “Don’t try to raise more taxes or spend more money, sit down and fix policy,” the JPMorgan Chase executive said.Getty ImagesKey Facts“Don’t try to raise more taxes or spend more money,” Dimon told Fox News, adding, “It’s frustrating. It hurts. It’s embarrassing, and it always hurts the civilians of our country.”A proposed pied-à-terre tax has drawn criticism from billionaire Ken Griffin, whose New York City penthouse was featured in Mamdani’s announcement of the additional tax last month, and President Donald Trump, who said losing “people like Ken” because of the tax “would be a big loss for New York.”Dimon said his recent meeting discussing the mayor’s “tax the rich” proposals with Mamdani, who separately met with Goldman Sachs CEO David Solomon, was “pleasant” and he “said everything I wanted to say, adding if Mamdani wanted Dimon’s help, “he’d be happy to do that.”Crucial Quote“He’s running a city of 300,000 employees now,” Dimon said of Mamdani, adding, “He’s never had a job like that. And I’ve seen mayors who’ve failed abysmally because they can’t administer themselves out of a paper bag, or because ideology blinds them to practical, realistic, real-world policy.”What To Watch ForNew York’s state legislature will vote on a budget on June 3 that includes the pied-à-terre tax, Bloomberg reported, citing draft legislation. The legislation includes an additional tax between 4% and 6.5% on second co-ops and condos with a market value of $1 million or more during the first two years of the tax. A 0.8% to 1.3% surcharge will also be paid by secondary single-family homes with market values of $5 million or more. After the first two years of the tax’s rollout, a uniform rate will be placed across all single-family homes, co-ops and condos, including a 0.8% rate paid by homes worth $5 million to $15 million, a 1.05% rate for homes worth $15 million to $25 million and a 1.3% rate paid by homes worth $25 million. Property owners included in the tax will be notified by Aug. 30.Key BackgroundMamdani, who floated his policy to “tax the rich,” said his proposed pied-à-terre tax would target those who “store their wealth” in the city’s real estate, “but who don’t actually live here.” He previously proposed a 9.5% property tax hike that Mamdani later nixed following backlash from homeowners and city council, with further support for his pied-à-terre tax from New York Gov. Kathy Hochul, who said the tax could raise $500 million. Forbes ValuationDimon, who has been CEO of JPMorgan Chase since 2006 and chairman since 2007, has an estimated net worth of $2.8 billion as of Friday.Further ReadingForbesNew York’s Tax On Luxury Second Homes Slated For July—New Details RevealedBy Antonio Pequeño IVForbesTrump Warns Mamdani Over Property Tax Hikes—Amid Mayor’s Spat With Billionaire Ken GriffinBy Alicia ParkForbesKen Griffin’s Citadel Suggests $6 Billion NYC Project May Be At Risk Over Mamdani TaxBy Zachary Folk