In an interview with Joe Kernen on CNBC’s “Squawk Box,” Jim Cramer said he’s finally content with tax rates. He was asked specifically about two options Congress pretends to weigh at every “cliff”: the need to get entitlements under control versus the ease of raising taxes.
Here’s the back and forth:
Joe Kernan: “Do you think we need to get a handle on entitlements immediately? Should that be what we do with the debt ceiling? Or is it important to -- to raise another $600 billion in tax revenue immediately?”
Jim Cramer: no more tax revenue. NONE!
Joe Kernan interrupted to point out that Obama’s former chief economic advisor says the President is “going to insist on that.”
Cramer went on to say, “There should be no more tax increases. We should be coming up with a new way to be able to, be creative ways to keep costs down on Medicare. Maybe make part B more expensive for people, but no, no Joe, no more taxes.”
Cramer continued, “I mean ‘read my lips’ no more taxes and don’t go back on it because everyone’s going to get them and everyone who’s sat down with their accountant in the last 48 hours in dazzled. Dazzled about what’s gonna happen. And I’m not just talking about the wealthy people because we’re starting to talk about healthcare, small businesses what they’re thinking about at the end of 2013. So no, it’s Medicare, Medicare and then Medicare and it’s all that matters.”
It appears as if 2012 wasn’t the only year for political “evolutions.” From Democrats evolving on middle class tax cuts to Mad Money Cramer finally coming around on the tax debate, it seems that at least a few have given it a rest on the calls for higher taxes. From the guy who predicted Obama would win 440 electoral votes, yes as in 108 more than he did win by, perhaps limited government advocates can count this as a small victory.
[Video credit to MRC and Newsbusters]