While the " Mad Money " host is skeptical about the plan passing Congress, he looked at how a corporate tax cut from 36 percent down to 15 percent could change the stock market layout.
"There are a lot of investors on the sidelines waiting for this market to come down to a more reasonable price," Cramer said. "What happens if so many companies are suddenly making more money because they have a lower tax rate? I bet it that would force billions and billions of dollars into the stock market in a virtuous circle of wealth creation."
Still, for the moment, Cramer still recommends staying the course. And while investors should keep tax cuts in mind as a potential blessing on their portfolios, don't count on them too heavily.
"Should you buy stocks in anticipation of this huge tax cut? The answer is point blank: no. The truth is we have no idea what will pass, and I seriously doubt this current plan can make it through Congress," the "Mad Money" host said.
When PepsiCo (NYSE: PEP), Boeing (NYSE: BA), Procter & Gamble (NYSE: PG) and Texas Instruments (NASDAQ: TXN) all reported great earnings numbers but saw their stocks go down, Cramer decided to investigate .
"The answer is that nothing's really wrong with any of these companies except their stocks simply got ahead of themselves. Investors got so excited that they bid them up to unsustainable levels," the "Mad Money" host said.
In reality, the market's reaction was not an accurate reflection of the companies' successes, but a product of lofty expectations that came from each stock's massive run.
"We can't ask, 'What's wrong?' We have to say, 'This is our chance.' And that's exactly what I think PepsiCo, Boeing, Procter & Gamble and Texas Instruments are worth buying right here," Cramer said.
Then, Cramer spoke with Jim Fish, the president and CEO of Waste Management (NYSE: WM), a waste and recycling giant that saw its stock slide on earnings despite meeting expectations.
Some of the market's nerves were wrought when the company reported timid guidance, which Fish attributed to a large drop in Waste Management's recycling business tied to Chinese buyers halting their purchases of recyclable newspaper material.
"We're still feeling pretty optimistic about recycling right now, very optimistic," Fish told Cramer on Wednesday. "We just didn't want to raise guidance with something that doesn't have great visibility to it."
And with corporate tax cuts now more concretely on the federal government's slate, Fish said he is looking forward to their benefits, saying the company would look into acquisitions as a first step.
Finally, with investors on the lookout for high-quality stocks that could be lifted by the president's policies, Cramer turned to one unusual energy play that could be one of the biggest winners.
By acquiring Spectra Energy, Canadian pipeline giant Enbridge (Toronto Stock Exchange: ENB-CA) became the largest energy infrastructure company in North America. That positioned it to gain from U.S. projects, being that it operates the longest crude oil and gas liquids transportation system in the world.
"Yep, the president may have run on an America First platform, and he's suddenly started to get very tough on trade with Canada, but that doesn't change the fact that right now, one of my favorite Trump stocks is a Canadian company," the "Mad Money" host said.
In Cramer's lightning round , Cramer flew through his take on some caller favorite stocks:
Sanofi (Euronext Paris: SAN-FR): "I like that stock. I've got to tell you, [it's] got a good yield. Mostly what I really like is they've got that big position in Regeneron (NASDAQ: REGN). They should merge and really kill it."
Micron Technology (NASDAQ: MU): "This is very tough, because what happened is the price has spiked so much that people believe that they may have actually ruined the demand curve. And Seagate (NASDAQ: STX) reported a number today that people didn't regard as being as strong as they'd like, so it's pulled down everybody. I think Micron is fine. It's just not in the explosive phase anymore because people keep thinking there's going to be one day [where] there's too many DRAMs, and then boom. But I don't think that day is here yet. I think we're OK. I'm no longer as confident as I've been saying because we've liked that from the teens."
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