After the Dow and other stock markets melted down Monday, CNBC's "Mad Money" host Jim Cramer told viewers they should vote for former President Donald Trump if they want to keep more cash in their pockets.
Cramer said, "If you’re in the stock market, if you care about your paycheck, you go with Trump. That’s what you do."
Co-host David Faber seemed to disagree, asking, "You do?"
Cramer responded, "Yeah, well, he wants to cut your taxes."
Trump in 2017 signed a $1.5 trillion tax cut that slashed the corporate income tax rate from 35% to 21%, increased the standard deduction and reduced individual rates. He has vowed to make those tax cuts permanent if he wins in November.
His campaign also says it will "eliminate Taxes on Tips for millions of Restaurant and Hospitality Workers and pursue additional Tax Cuts."
Cramer's comments came after the Dow Jones Industrial Average plummeted 1,033.99 points, or 2.6% on Monday, while the Nasdaq and S&P 500 fell 3.43% and 3%, respectively.
It was the worst close for the Dow and S&P 500 since September 2022.
Mid-afternoon trading on Tuesday showed U.S. markets recovering as Japanese stocks rebounded. The Nikkei 225 soared 10.2% after dropping 12.4% on Monday.
Experts said the market will likely remain volatile in the near future due to uncertainty in global markets, but it’s possible the worst is over.
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