While the Trump administration has prioritized repealing and replacing the Affordable Care Act, Hayes said his No. 1 priority for the year is tax reform. The company has approximately $6 billion in cash overseas currently, and another $31 billion permanently reinvested. About half of its earnings stem from overseas.
"If we get tax reform done this year and if we get an infrastructure bill, if we get some regulatory reform; I think you are going to see some real momentum in the economy," Hayes said.
Hayes anticipates using the cash from tax reform to make additional investments in its aerospace business, commercial business, research and development and hiring. He remained very bullish on aerospace.
"We are positive on the house blueprint as it's laid out. It's got some good things; it's got some bad things. But on the whole, this lower rate down to 20 percent. The ability to access our foreign cash with a territorial system – those are all very positive for UTC," he said.
United Technologies is a diversified industrial company that makes elevators, aerospace components such as engines, as well as climate control equipment and security systems. It is the parent company to Carrier, Pratt & Whitney, among others.
The company came under the spotlight while President Trump was on the campaign trail after he criticized plans for Carrier to close two Indiana plans and move production to an existing manufacturing facility in Mexico.
After a conversation with Trump, Carrier announced it would keep more than 1,000 jobs, but still close another Indiana plant and send about 700 jobs to Mexico. This was widely regarded as one of Trump's first victories on his agenda before becoming President.
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