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'These revelations make me sick' — Cramer suggests a billionaire surtax after ProPublica bombshell

'These revelations make me sick' — @MadMoneyOnCNBC's @JimCramer suggests a billionaire surtax after ProPublica bombshell

6/12/2021 12:30:00 AM

'These revelations make me sick' — MadMoneyOnCNBC's JimCramer suggests a billionaire surtax after ProPublica bombshell

'There's not billions of billionaires. Let's come up with something for this small group,' CNBC's Jim Cramer said Friday.

, which cited confidential IRS data it obtained."They obviously are able to avoid paying income tax. Not evade. But avoid. And I know avoid is legal and the government says you can do everything you can to avoid. I think that has to be changed," the "Mad Money" host said on

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"Squawk Box,"citing the wealth inequalities that divide the nation."There's not billions of billionaires. Let's come up with something for this small group," added Cramer, who spoke in generalities about a billionaire surtax. However, he did describe an approach that differed from Democratic Massachusetts Sen.

's wealth tax proposal. "Does Elizabeth Warren talk about it in a way that I think is a little bit too severe. Yes," he said.Warren's plan, released earlier this year, is called the"Ultra-Millionaire Tax."It would impose a 2% annual tax on household net worth between $50 million and $1 billion and a 3% annual tax on household net worth above $1 billion. headtopics.com

Following this week's ProPublica report, Democratic Maryland Sen. Chris Van Hollen and Democratic Virginia Rep. Don Beyer reintroduced their "Millionaires Surtax" legislation, more akin to what Cramer put forward, except the bill would tax a much wider swath of rich Americans.

The Van Hollen-Beyer bill "would apply an additional 10-percentage point tax to incomes above $2 million for married couples or above $1 million for individuals,"according to a summary of the measure, released Thursday.Cramer also talked about a billionaire surtax in a series of tweets Friday, saying "these revelations make me sick," referring to the tax avoidance strategies employed by the uber-wealthy in the ProPublica report.

The ProPublica article, expected to be the first in a series, did not reveal how the journalists obtained the tax records. The outlet did not respond to a request from CNBC for comment. CNBC has not independently verified the information in the report.

Later on CNBC's"Squawk on the Street,"Cramer said: "We're not asking for Elizabeth Warren to take. We don't want to necessarily confiscate. But we have to find a way to say listen, 'We know you use avoidance and we don't know how to beat it. But we're going to put a surtax on it.'" headtopics.com

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"Maybe you think it's too blunt. But I've had it," he said, expressing concern about the ever-widening wealth gap in America. "We can't let this go on any more in a democracy."Become a smarter investor withCNBC ProGet stock picks, analyst calls, exclusive interviews and access to CNBC TV.

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MadMoneyOnCNBC jimcramer Would love a show about companies and the markets without being subjected to his hypocritical rantings. Any suggestions? MadMoneyOnCNBC jimcramer NakedShorts FinancialTreason amcshortsqueeze MadMoneyOnCNBC jimcramer Wow!!! coming from jimcramer MadMoneyOnCNBC jimcramer If Cramer was good at investing he’d have as much money as Paul Tudor Jones.

Cramer says he's 'not against' GameStop, AMC at current trading levelsWhile GameStop and AMC shares are worth buying here, the 'Mad Money' host recommended investors protect profits if they bought at lower levels. Who cares what he thinks We👏🏽don’t👏🏽care who cares

American billionaires avoid taxes by borrowing money: ProPublicaThe wealthiest Americans avoided billions in taxes by voluntarily doing something most only do out of necessity: borrowing money. poor people should not pay taxes elonmusk JeffBezos BillGates any chance you'd be willing to send be 1 bitcoin. According to this article you're in a great space to do so. Interesting read, I noticed Carl Icahn said 'I didn't make money because, unfortunately for me, my interest was higher than my whole adjusted income' if I'm not mistaken he uses margin loans from his stock investments their not that bad if use wisely I use them too.

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Cramer says he's 'not against' GameStop, AMC at current trading levelsWhile GameStop and AMC shares are worth buying here, the 'Mad Money' host recommended investors protect profits if they bought at lower levels. Who cares what he thinks We👏🏽don’t👏🏽care who cares

How the richest Americans pay little or no income taxBillionaires like Jeff Bezos , Warren Buffett and Elon Musk pay little in income tax compared to their wealth, according to a new ProPublica investigation. Anand Giridharadas and Josh Barro join Morning Joe to discuss. As always the wealthy manage to avoid the tax bracket of most working Americans and find a way to justify my 38% to their 0% in stocks...hell if I had that money I could evade taxes too This is Outrageous . These huge tax exceptions for the Rich & Famous are probably going on in other countries such as Canada, UK & France as well, we shall see -:)) And these are the folks who 'advice' the Government on how to spend the Tax payers $$$ 😏