President Donald Trump's tax plan will be a big win for small businesses and investors, CNBC's Jim Cramer said Wednesday, but added he has no high expectations that it will make America richer.
"It's not as significant as the president thinks it is," Cramer said on "Squawk on the Street." "Look, corporations are flush with cash. What they'll do is buy back stocks and dividends, which is great for the 50 percent of people who own stocks."
He added, "I don't want to have any illusions that this corporate tax cut is going to make it so we're richer, OK? It's just not."
The White House announced on Wednesday its tax proposal, which will chop the corporate tax rate to 15 percent from 35 percent.
At an event hosted by The Hill on Wednesday, Treasury Secretary Steven Mnuchin confirmed that the Trump administration's tax plan will call for a reduction in the corporate tax rate.
Mnuchin said the tax plan would be "the biggest tax cut and the largest tax reform in the history of our country," and said he wants "to move as fast as we can" on passing the bill.
The promise of a major tax overhaul and looser regulations by the president partly fueled stock market gains in the months after Trump's election.
U.S. stocks opened mixed on Wednesday as traders awaited the much-anticipated details.