President Donald Trump's proposed tax plan is not a tax cut for the rich, CNBC's Jim Cramer said Thursday.
He was responding to an article by The New York Times, which said Trump's tax package would significantly benefit the wealthy by eliminating the estate tax, otherwise known as the "death tax," as well as the alternative minimum tax.
The newspaper said the two taxes primarily hit the wealthiest Americans by limiting the deductions and other benefits available to them. A leaked document from Trump's 2005 tax return showed he paid $31 million due to the alternative minimum tax.
Cramer said he didn't think the Times was completely wrong, just "mathematically incorrect."
His comment came a day after the Trump administration released an outline of its tax plan. The White House said it would be the "biggest tax cut" in U.S. history. Democrats and some moderate Republicans criticized the plan, saying it lacked details.