CNBC host Jim Cramer reacted to a Monday meltdown of stock markets by saying that people who care about their personal finances should “go with Trump.”
The Dow Jones Industrial Average closed down 2.6% Monday, while the S&P 500 dropped by 3% and the NASDAQ fell 3.43% over fears of a recession following a disappointing jobs report released Friday.
Cramer and co-host David Faber went back and forth over the reported addition of attorney Tony West, an executive at Uber, to Kamala Harris’s team before Cramer spoke about what people who are concerned about their financial future should do in the upcoming presidential election.
Cramer said, “I’m saying, who is that and the vice president? We don’t know who the vice presidential candidate is.”
He continued, “How about Tony West surfacing, my guy? Tony West would make it so you have to rethink how left Kamala is. I think people should do that. Tony West at PepsiCo, Tony West general council a Uber, I know Tony he’s what I regard as a business person. There was no business person really that close to Biden.”
Cramer added, “This is a nice change of pace, a lot of business people surrounding Harris if you’re in the stock market. If you care about your paycheck, you go with Trump. That is what you do.”
Cramer concluded, “He wants to cut your taxes.”
Faber disputed Cramer’s statement that Trump would cut taxes.
“My taxes got raised enormously as you know, under the last Trump administration,” Faber claimed.
“Well no, he wants to cut taxes,” Cramer responded.
Trump signed a $1.5 trillion tax cut into law that included reducing the corporate income tax rate to 21%, doubled the child tax credit to $2,000 and also reduced individual tax rates.
A 16-page document on Trump’s campaign website says.
“Republicans will make permanent the provisions of the Trump Tax Cuts and Jobs Act that doubled the standard deduction, expanded the Child Tax Credit, and spurred Economic Growth for all Americans,”
“We will eliminate Taxes on Tips for millions of Restaurant and Hospitality Workers and pursue additional Tax Cuts.“
