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Jim Cramer Says Capital Gains Tax Cut 'Just Helps the Rich'

Jim Cramer says the U.S. doesn't need a capital gains tax cut.

There are over 20 million cases of the virus worldwide, with over 736,000 deaths.

According to Johns Hopkins, the U.S. has surpassed 5 million cases with over 163,000 deaths.

Per the COVID-19 Tracking Project, there were 41,807 new cases reported Monday. 716,229 new tests were reported. And 426 deaths were reported yesterday. 

According to The New York Times, hospitalizations from the coronavirus declined in the most populous U.S. states and that new cases have fallen 18% over the last 14 days and new deaths have dropped 6%.

In Texas, virus hospitalizations dropped almost 2% on Sunday to 7,304, the lowest since July 1, Bloomberg reported, citing state health department data. Hospitalizations have fallen by 33% since peaking on July 22.

Hospitalizations in California have dropped 19% in the last 14 days, according to Gov. Gavin Newsom.

According to Bloomberg, it took just six weeks for coronavirus infections globally to double to more than 20 million. It took six months to reach 10 million.

President Donald Trump told reporters Monday at a briefing that he was "looking very seriously at a capital gains tax cut and also at an income tax cut for middle-income families."

The statement from the president came after he issued executive orders over the weekend that would include continued payments of up to $400 a week of supplemental federal unemployment benefits and a payroll tax deferral.

Opinion: Deep Pockets, the IRS, and the Huge Flaw in Trump's Tax Payroll Deferral

 Trump told reporters during a White House briefing late Monday that he was "considering a capital gains tax cut, which would create a lot more jobs."

Here's why Jim Cramer doesn't think that a capital gains tax cut will help.

You can follow Jim Cramer and Katherine Ross on Twitter at @JimCramer and @byKatherineRoss. Read more from Katherine Ross here.

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