CNBC "Mad Money" host Jim Cramer had been on a streak of demonstrating positive free-market behavior. He had criticized the government's handling of Freddie Mac and Fannie Mae. He even gave the media grief for overanalyzing the oil market fluctuations.
But on the August 27 "Mad Money," Cramer bucked his that trend and called for higher taxes for top income earners. On his "Mad Mail" segment, a n e-mailer asked Cramer if Democratic presidential candidate Sen. Barack Obama's plan to raise taxes on incomes higher than $250,000 and redistribute the money to lower income earners would be good for the economy.
"If Obama puts more money in the hands of the majority of the consumers in this country (who make less than $250,000), won't that be a big push for the economy, and in turn for stocks?" the viewer, "Laurence in Iowa," asked.
Cramer took the Warren Buffett/populist stance and said he'd be willing to pay more in taxes.
"Everyone hold their ears here, okay - because I know this is going to sound really bad and very contrary, but if you make more than $250,000 maybe you should be paying a little more tax. I do, and I'm willing to pay," Cramer said. "A lot of people make a lot less than I do and they should be paying less tax. I don't know - that's what Lincoln said. It's Lincoln's view, it's my view."
The August 25 issue of Barron's reported Obama's plan would raise taxes on incomes above $250,000 - with the highest rate at 39.6 percent - and redistribute the wealth to the poor and middle-class. But that would be a big mistake, according to Jim McTague's article in the financial newspaper.
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Why do they always want to punish the rich?
August 28, 2008 - 12:57 ET by ElyasThe more taxes you impose on the rich, the less likely they will invest money in business and create jobs. They will be concerned about high taxes and create tax shelters for themselves.
Thomas Jefferson once said, 'We should never judge a president by his age, only by his works.' And ever since he told me that, I stopped worrying. - Ronald Reagan
Jim Should take the Bull by the Horns ...
August 28, 2008 - 13:01 ET by allanfI urge Jim to take the bull by the horns and take no deductions whatsoever on his Federal, NY State and NYC returns.
Lead by example.
simple
August 28, 2008 - 13:11 ET by mbuelliberal logic demands you reject reality. Even when confronted with it you have to apply pretzel logic to keep up your pseudo reality.
That does it for me and Cramer
August 28, 2008 - 13:05 ET by macummingsIf you're okay with this, Cramer, may I see where in your tax returns you've been paying above and beyond your liability?
MAC
I'll be charitable if forced
August 28, 2008 - 13:14 ET by SPCOlympicsAll these well off libs say we should pay more taxes, they say they'd be willing to pay more tax.
But if you'd look at their returns, I bet everyone of them itemizes to minimize their liabilities. They could be true to their word and take the standard deduction and let the government keep the larger sum but noooo....
They won't do it unless EVERYONE is force to give. I bet many of them are fundamentally selfish, don't have the discipline to give, and so assuage their guilt by complaining how the entire nation is selfish and that the government should force us to give.
Jim Cramer is a fraud
August 28, 2008 - 13:22 ET by gkm1959Jim Cramer is a left wing fraud. He is also notoriously wrong on most financial matters. Don't take my word for it, check out the web site of Don Harold who chronicles all the Cramer deceptions with video.
http://www.youtube.com/profile_videos?user=donharrold
Cramer and Buffet are pathetic
August 28, 2008 - 13:36 ET by bubbatech01you want to know why, because the actually CAN pay more in taxes than what they owe. its on ever single individual tax return where you can donate money to the government. they dont do it because they DONT WANT TO. The pathetic pieces of crap act righteous in saying that they should, but every year when they file their taxes do they? HELL NO.
Pieces of crap.
run the numbers stupid
August 28, 2008 - 16:45 ET by wizardjrCramer is another blathering idiot. In 2005 there were 114,384,000 American households. Of these 112,363,000 had income below 250,000 leaving about 2 million above the quarter million income line. So then, that's about 55 to 1.
If we taxed the crap out of the earners at an average increase of about $11,000 extra each that would put about $200 into the hands of the other 112 million. Of course it would have to go through the hands of the government where the usual rate of evarporation would skim off 80% for "other uses", so the 112 milllion would get about $40.
Boy that'll sure fix up the economy and bring folks out of poverty.