CNBC's Cramer wants to suspend tax collection due to coronavirus

CNBC's Cramer wants to suspend tax collection due to coronavirus
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CNBC’s Jim Cramer slammed the U.S. government’s response to the coronavirus outbreak on Thursday, calling for "a time for radical action" that includes suspending all forms of tax collection.

“They know nothing. They know nothing. We know more than they do, and that’s not acceptable either,” Cramer said on "Squawk on the Street" on Thursday morning.

“I want the federal government to know more than me. I knew more than they did in 2007, and I know more than they do now, and it is disappointing," he said.


Cramer said he is particularly concerned that several S&P 500 companies could go bankrupt within a month due to the global economic slowdown resulting from coronavirus, which has infected people in 125 countries with cases topping 100,000 earlier this week.

“Are we going to sit here and let so many companies go bankrupt because of an illness? I think that is stupid,” Cramer continued. “Once we settle that out and stop worrying about money, we can worry about health simultaneously. Right now we can’t do both.”

The commentary comes as President TrumpDonald John TrumpHR McMaster says president's policy to withdraw troops from Afghanistan is 'unwise' Cast of 'Parks and Rec' reunite for virtual town hall to address Wisconsin voters Biden says Trump should step down over coronavirus response MORE is considering a national emergency declaration over the coronavirus, which would free up additional resources to combat coronavirus.

The U.S. death toll is at 36, with more than 1,200 cases, according to the Centers for Disease Control and Prevention.

"We have things that I can do. We have very strong emergency powers under the Stafford Act," Trump said during an Oval Office meeting with the Irish prime minister. "I have it memorized practically as to the powers in that act, and if I need to do something I’ll do it. I have the right to do a lot of things that people don't even know about."


Trump is also pushing to cut the payroll tax as part of an effort to revive the economy, but he is facing considerable opposition on Capitol Hill.

After Cramer's recommendations, he took a phone call during live programming and later shared that White House officials were watching and considering his ideas.

"I do believe they’ll enact some of the ideas I just talked about earlier,” Cramer explained after the phone call. "I think they will perhaps consider the idea that the federal government does not need to be paid during this period. So, therefore, the people, the working people get paid and are protected.”

“I think they’re debating the notion about whether they should have a trust fund, also debating the notion right now about whether the Federal Reserve should be able to guarantee credit lines,” the "Mad Money" host continued.

“The Treasury trust fund would indeed perhaps take advantage of the lower rates. It would make it so people feel that their credit lines would be backed up. I believe that some of these plans that I mentioned are being debated right now.”