The stock market has been on the rise amid a slew of share buybacks driven by the newly passed tax cuts. 

That's the assessment from TheStreet's founder and Action Alerts PLUS Portfolio Manager Jim Cramer.

"I think one of the reasons the market is up is that as much as people thought a lot of the money was going to go to CAPEX from the tax code changes, it is going to buybacks," Cramer said. "If you do buybacks, it puts a floor to the market. 

Apple's  (AAPL - Get Report) CFO told Cramer last week that there are government limits on how much the company can buyback its own stock.