NEW YORK (The Street) -- Congress won't pass any of the tax reforms President Obama proposed in his 2015 State of the Union address, The Street's Jim Cramer said Sunday on Meet the Press.
"Not a chance," Cramer told the Sunday morning program's host Chuck Todd.
Cramer expects no meeting of the minds on any of the president's tax plan, including corporate taxes, he said, referring to proposed fees on highly-leveraged financial institutions to deter additional borrowing.
"The State of the Union was colossally misplaced in terms of the 529, in terms of the stepped-up basis that would hurt the middle class more than anyone," Cramer said. President Obama proposed taxing 529 college savings plans, a proposal he later withdrew on bipartisan opposition. The stepped-up basis refers to the fact that capital gains on assets held until death are never subject to income taxes.
Asked where Wall St. money is going in the 2016 presidential race, Cramer noted that Home Depot (HD) - Get Report founder Ken Langone, perhaps the most powerful fundraiser, has been raising money for NJ Governor Chris Christie.
A surprising number will follow Langone, Cramer said, because he's so boisterous, he has the S&P 500 on his Rolodex, and "everyone takes his call."
But Cramer finds Langone's rationale that Christie would be great for business "surprising," since NJ has the highest debt service of any state.
"It has not been a banner time to be a Jerseyite," he noted.
Wall Street will also like Wisconsin Governor Scott Walker, who a recent poll showed leading the Republican party among potential Iowa caucusgoers, Cramer said.
Business-minded voters will favor Walker because he's not pro-union and is "good for earnings per share" and higher stock prices, Cramer added.