JPMorgan Chase Chairman and CEO Jamie Dimon is a big proponent of corporate tax reform.

"You need a competitive tax system ... companies will retain more capital and start to use it over time," Dimon said Wednesday in response to a moderator question at the Axios Smarter Faster Revolution event in Ann Arbor, Michigan. "Some will raise wages. Some will buy companies. Some may do dividends and buybacks. Don't act like that is a bad thing. That is their money. Think of it as a QE4. That money gets recirculated in the American system."

QE refers to the Federal Reserve's "quantitative easing" policies enacted after the financial crisis, which attempted to stimulate the economy by increasing the money supply.

Dimon said tax reform "simply needs to be done" and should have happened 15 years ago.

After the bill passes "probably a trillion dollars will come back from overseas," he added. "Cumulatively over time that will accelerate growth in the American economy."

But he did say the "benefit is not going to be immediate."

The bank executive is chairman and CEO of JPMorgan Chase. Previously, he was chairman and chief executive officer at Bank One before its merger with JPMorgan Chase.

Dimon was joined by Axios Executive Editor Mike Allen and CEO Jim VandeHei for a session entitled "Defining the Future of Work." He also discussed developments at Detroit's Entrepreneurs of Color Fund.