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. (RELATED: ‘They’ve Never Been Down 1,000 Points’: Fox Business Host Left Stunned By Wall Street Sell-Off)
“I know Tony. He’s what I regard as a business person. There was no business person really that close to Biden, except for Gina Raimondo, so this is a nice change of paces,” Cramer said. “A lot of business people surrounding Harris. If you’re — if you’re in the stock market, if you care about your paycheck, you go with — you go with Trump, if that’s what you do.”
WATCH:
Cramer on CNBC: “If you care about your paycheck, you go with Trump.”pic.twitter.com/gMg53zH2ZR
— Daily Caller (@DailyCaller) August 5, 2024
“You do?” Faber asked, with Cramer responding, “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.
“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,” a 16-page document on Trump’s campaign website says. “We will eliminate Taxes on Tips for millions of Restaurant and Hospitality Workers and pursue additional Tax Cuts.”
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