Jim Cramer: What Proposed Corporate Tax Hike Means for Markets

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How do Democrats plan to pay for President Joe Biden's $3.5 trillion spending plans?

House Democrats are expected to propose raising the corporate tax rate to 26.5% from 21% in addition to imposing a 3-percentage-point surtax on individual income above $5 million, according to multiple media outlets.

The report emerged as debate and dissension grows among Democrats. On Sunday, Senator Joe Manchin told CNN’s “State of the Union,” he would not vote for the $3.5 trillion budget bill. Manchin added that there is "no way" to meet the September 27 deadline. 

Jim Cramer explained why the proposal isn't as worrisome for markets as previous tax plans in the video above. 

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