Sure, Donald Trump's proposed tax cuts would be great for business, Jim Cramer told his Mad Money viewers Wednesday, but your portfolio will be just fine without them. That's because the driving force in the stock market remains earnings, and this week especially, positive earnings news seems to be appearing every 15 minutes.

As for those proposed tax cuts, Cramer said that Trump's plan to reduce corporate taxes from 36% to 15% seems big, but the average effective tax rate for most businesses is only 19%, so it's really not that big after all.

For a company like Walt Disney (DIS) , a 15% tax rate would be a big deal, Cramer said. But Disney is already flush with cash, which means that the company would likely just return that extra cash to shareholders in the form of dividends and stock buybacks.

The real question is whether any of these tax proposals will pass Congress, a question that has Cramer skeptical. Fortunately, with earnings so strong, investors don't need to worry about the effects of tax cuts until we actually know what we're likely to get, and when we're likely to get them.

Meanwhile, over on Real Money, Cramer takes a close look at the types of companies that could benefit from a cut in the corporate tax rate and what they could do with that money. Get his insights with a free trial subscription to Real Money.

Executive Decision: Waste Management

For his "Executive Decision" segment, Cramer again spoke with Jim Fish, president and CEO of Waste Management (WM) , which just posted earnings that included 14% earnings-per-share growth. Shares fell 2.6%.

Fish said that he doesn't understand the decline in his company's share price, especially after such a strong quarter. He said that Waste Management will be buying 150 more trucks this year than last year to help keep up with growth, and they expect the industrial economy to grow faster than the overall economy, which will be good for their business, especially their hazardous waste business.

When asked about their natural gas usage, Fish said that about 40% of Waste Management's fleet now runs on natural gas and that number increases every year. He said customers like the cleaner vehicles and the company saves on both fuel and maintenance costs.

Cramer said he remains a fan of Waste Management.

Bright Outlook for Oil Pipelines

A new era is dawning for the oil pipeline industry and there's one company that has the best assets and the best growth: Enbridge (ENB) .

Enbridge currently operates 17,500 miles of pipeline and carries 68% of the southbound oil out of Canada into the U.S. The company is also acquiring Spectra Energy, a deal Cramer called "transformational" as it will give Enbridge $10 billion of future growth.

Cramer said it's no secret that President Trump is a fan of oil pipelines, after approving the Keystone XL project during his first days in office. With oil at $49 a barrel, there is a huge shortage of pipelines in our country, which makes Enbridge the prefect way to invest in oil without being beholden to the daily moves.

Investors shouldn't worry about Trump's recent tariffs on Canadian lumber, Cramer said, as pipelines use American steel and create American jobs.

The Real Reason Behind the Move

When a stock falls after it reports earnings, it doesn't always mean there's something wrong, Cramer told viewers. Case in point, Pepsico (PEP) , Boeing (BA) , Procter & Gamble (PG) and Texas Instruments (TXN) , all of which fell after they reported, but not for the reasons you might think.

Cramer said all four of these stocks fell for technical reasons, and that means they're now on sale and it's a great time to buy. PepsiCo simply ran up too far ahead of the quarter, Cramer said, while Boeing shares have been soaring every since the election in November. Procter reported nothing fabulous this quarter, but the company does have an activist investor that's sure to produce results.

Finally, there's Texas Instruments, a reliable company that, frankly, most investors find boring. But Cramer noted that not every company needs to be a sexy growth stock. In fact, every portfolio needs slow, reliable names like Texas Instruments.

So take the weakness in these four stocks as a gift, Cramer concluded, and start buying.

Lightning Round

In the Lightning Round, Cramer was bullish on Wingstop (WING) , Sanofi (SNY) , Micron Technology (MU) , Apollo Global Management (APO) , The Blackstone Group (BX) and Nisource (NI) .

Cramer was bearish on Buffalo Wild Wings (BWLD) and Energy Transfer Partners (ETP) .

Am I Diversified?

In the "Am I Diversified" segment, Cramer spoke with callers and responded to tweets sent via Twitter to @JimCramer to see if investors' portfolios have what it takes for today's markets. The first portfolio included Allergan (AGN) , Twilio (TWLO) , Cisco Systems (CSCO) , Etsy (ETSY) and Target (TGT) .

Cramer said this portfolio can't have two tech plays and two retailers. He advised selling Twilio in favor of United Technologies (UTX) and Etsy for McDonald's (MCD)

The second portfolio's top holdings included Caterpillar (CAT) , Deere & Co. (DE) , Prospect Capital (PSEC) , Realty Income (O) and Chimera Investment (CIM) .

Cramer said to get rid of Chimera and add UnitedHealth Group (UNH) to be properly diversified.

The third portfolio had Goldman Sachs (GS) , EOG Resources (EOG) , Tesla (TSLA) , Facebook (FB) and Celgene (CELG) as its top five stocks.

Cramer said this portfolio was exactly what he wants to see.

Cramer and the AAP team are bringing Nucor NUE out of the bullpen and into the portfolio. Find out what they are telling their investment club members about steel. Get a free trial subscription to Action Alerts PLUS.

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At the time of publication, Cramer's Action Alerts PLUS had a position in PEP, AGN and CSCO.

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