i'm not anti- mask, never happened but i'm just saying with 200 plus vaccinations, a breeze and a nice refreshing spring air. i'm not here to say, is >> from the fox studio in new york city this is "maria bartiromo wall street". maria: happy weekend everyone welcome to the program that analyzes the week that was in position you for the week ahead. i maria bartiromo. tax increases are coming this upcoming week president biden will detail his plan to double the capital gains and dividend taxes on top of increases in individual tax rates. coming up a preview right here. plus the travel and leisure industry takes a beating during the pandemic, there is a fight in congress over what cruises

will set sail once again pre-hotel may see some signs of recovery. we will hear more from the president of seabourn cruises this weekend along with the ceo of best western. that is all coming up. let's look back at the week's moments with the top newsmakers on "mornings with maria" on this edition of the weeks talkers. >> and georgia hampel companies including major league baseball attacked georgia and they're purposely fine working with communist china. >> if you can stand with human rights and voting rights and all these things and you have to be consistent, what is happening is simple, it is about money. >> russia, china, iran, talk about the potential of getting back together on a deal. >> my reaction is to be concerned that we will be repeating what happened in 2015. maria: as i keep showing this

picture of chinese police with their goose legs walking the streets in hong kong. >> look at what china has done with taiwan, is overflown taiwan and threatened taiwan, you be the next hong kong. maria: in this investigation what can you tell us about the accuracy of medias new billboard. >> 's behavior throughout this pandemic has been morally outrageous and this is what happens when the media does not speak truth to power. when the media does not hold politicians accountable. maria: with a mixed week take a look at the market this week the dow and s&p 500 had the worst day on thursday and more than a month, reacting to the reports that president biden is considering doubling the capital gains tax on wealthy americans. we've been reporting this on weeks, joining me too talk about that determinate ceo private equity firm castle harlan, john castle is here. great to see you this weekend, thank you for being here, what do you make of this.

we will likely see the capital gains tax and the dividend tax double. your expectation on its impact? >> first of all it is great to be with you this weekend, with respect to the tax bill by the biden administration it reminds me of the tax bills implemented by the jimmy carter administration. as you recall jimmy carter took the ordinary rate up to 50% and took the capital gains rate to 50% and as you recall it was very tough on the market and very tough on the economy, my suspicion the things that are being executed by the biden administration will have the same impact and adverse impact on the economy as well as the stock market. maria: is there something that we should be doing now to get ahead of it? i know that you are very

concerned about valuations, you have been a student of this for a long time, you are the former ceo of dlj, you been on wall street and seen various cycles, what are you most worried about right now? maria: i think we have a level of irrational exuberance. i think there is an overly optimistic stock market, a bubble if you will, right now the stocks are trailing 12 months s&p at 44 times earnings, that compares to an overall average in the past 17 times earnings and in a bear market eight, nine, ten times earnings. even if you have an extraordinary year in 21 which is probable because hopefully we won't have as much covid as we had in prior 2020. even if that is the case, you're still talking about earnings up

50%, it still 27 and compared to the long-term average of 17. i think were in a very high market, i don't know when it will reverse, it could be something like the tax bill and it could be a new outbreak of a variation of covid, it might be inflation, of course we have the whole government spending program that the united states historically the federal government has had a foreign half trillion dollar budget. this year it looks like it's going to be 12 or 13 given the stimulus program in the two stimulus programs that we've had with possibly the infrastructure program. that is nearly crippling of the federal budget. a tripling of the federal budget is nothing be paid for by

printing money, it is clearly got the prospect of being inflationary and might lead to a dramatic leap any of the dollar relative to other currencies. all of those things are a big possibility. maria: that is a really good point on the dollar. is there any way to hide if in fact we were to see a significant selloff this year, you look at individual names like tesla for example, trading over 900 times. it's price earnings ratio, recently was trading at 30 times sales, we have amazon one and half trillion for the total company, up 139, we know some of the stocks had incredible moves, are there areas to hide if we do see a significant selloff this year? >> i think clearly these are names that you mentioned and ones that one has to be very careful about.

tesla stock may be an excellent company in my performed beautifully in the future. as a company, but nonetheless for the market capitalization over 700 billion it is bigger than the entire auto industry of the united states. with that size, tesla is never going to be 100% of the u.s. market, there will be general motors and ford's and other people in the market, amazon also a wonderful company, clearly strong in its industry and so forth but nonetheless selling for four times less the sales. maria: we have higher taxes, the wall street journal is talking about the capital gains tax being 43.4% and when you add in local taxes like new york and california, you're talking about attacks up to 55% for some

earners. this is a huge deal it will likely move markets, the question before you go is there anywhere to hide with the stock market selloff? >> clearly the one thing you can do is to reduce your exposure and i think any prudent portfolio manager may be lightning up, there is other evidence that the market is out of control. one is the retail customer is back, when the retail customer comes back that should be the stop of the market. maria: it's great to have you this weekend, thank you so much john castle joining us on valuations. we will see you soon. coming up next are you ready to travel once again republicans are traveling for cruises to set sail as the cdc warns us going anywhere outside of the united anywhere outside of the united states, the we love our new home.

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maria: welcome back fighting to set sail, republican senators from florida and alaska introducing a bill to get cruises back in business by july, the state of florida is suing the cdc to drop its restrictions. key democrats writing a letter urging the cdc to stay the course, they have significant concerns about the prospects of premature presumption of cruise ship operation. it's critical we listen to scientists and health and safety experts over the industry and the profit driven executives. josh joined me this weekend, the president of seaborne cruise lines, the luxury brand of carnival cruises, josh, great to have you here this weekend, thank you for being here, carnival has been threatening to pull all of the cruise ships

after it was extended to the end of june, how was the brand affected by that. >> seaboard like you said is an ultra luxury brand and our guests have made it very clear that they want to sale, the impact on seaboard directly we have two itineraries outside of the u.s., we have itinerary this summer in greece and barbados. so in order for us to sail out we have practically made the decision to offer guest to barbados this summer. maria: this summer we could look forward to it, late friday the cdc released the phase two of the technical instruction out of four phases that are needed for cruise line operators to begin sailing. tell me about the issues that you are waiting on and we see the state department issued a

new cdc travel advisory and officially tells americans that 80% of travel destinations are off-line, they are encouraging americans not to travel to 80% of countries, how are you going to deal with that. >> were along leadtime industry to bring 500,000 americans back to work, we need to know in april that we can sale in july. what we are trying to focus on is the alert coming out, 80 pit under percent of the world with restriction to travel, that is for today. we are running a business that takes 90 days to ramp up a ship. the focus has to be on the future at this moment, three months out. maria: i think you make a great point, these are long lead times in terms of firing business up.

tell us what investment you have seen that the company has put in in terms of retrofitting so people can feel comfortable getting on a ship again. >> i was on a ship this last sunday inspecting myself and what we've done on the seaborne odyssey not far from where i live, and when the engine broke down they inspected the uv light and all the ships, were enhancing the filters, we are taking steps in respect to training our team members. importantly, as an industry we have sailed close to a half a million people since the pandemic with little to no incidents of covid spread because we put in place protocols that allow for the projection of individuals. maria: these guidelines are stopping short of requiring vaccination for traveling passengers though the language appears to suggest that you want

to see a vaccinated person take the cruise. how are you going to deal with that in terms of vaccination of travelers. >> corporation is not taken a specific stance on vaccination of travelers, we encourage people to be vaccinated if they're able to get vaccinated, i can tell you with the seabourn itinerary were operating outta barbados and greece, they will be opened a vaccinated guest. maria: i will tell you, were all looking forward to normalization of our lives once again and when will you expect normalization when you can actually talk about the revenue opportunities all wide open once again. >> for seabourn we are focused on this summer, we have opened up two itineraries for the summer in greece starting july 3 and barbados july 18. maria: no other timetable in

terms of other destinations. >> at this point it's very challenging, i think were all focused on getting the u.s. open, there are half a million jobs at stake. we have major states like florida, texas and alaska which are significantly impacted by the shutdown of the industry. while were encouraged by the conversation we need the action to happen to in order to get back up and get back to work and allow people really much needed vacation, i don't know about you but i'm ready for a vacation. maria: thank you so much the president of seabourn, thank you josh. hotels have been decimated by the pandemic as well, the industry seen a 50% decline in revenue, unemployment near 20%. but the ceo of best western hotels and resorts says ec signs of recovery. we'll talk

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you don't do this. we do this, together. bounce forward, with comcast business. maria: welcome back the leisure and hospitality sector hit hard by the pandemic, accounting for 39% of all lost u.s. jobs. hotels offering a 50% decline in revenue since the onset of covid-19. joining me now the president and ceo of best western david kong. thank you so much for being here, you see some signs of recovery, can you tell us about demand and what it looks like today compared to a year ago. >> i'm very encouraged with early recovery signs, as you know the hotel industry has three segments leisure, corporate and meetings and events. we are seeing a resurgence of the travel in many parts of the country we are seeing very

encouraging signs where hotels are approaching 2019 levels of business. and somehow exceeded it. we are not seeing the and the corporate for meetings event segment yet. maria: so you think businesses are not coming back so quickly in terms of business travel customer. >> correct, a lot of offices are still closed and a lot of companies have travel restrictions so they are not encouraging trouble at this time. until that comes back the industry will continue to have that. maria: how have you changed things and best western in terms of retrofitting and doing anything to adhere to the reality of covid.

>> the travelers is the upmost concern of the onset the pandemic so with the work of the hotel association we have developed a very comprehensive cleaning program with 75 stations dropped the hotel and sanitize the room after you stay, we made a lot of adjustments to ensure the safety of our guests. maria: david, when would you expect business travel to come back, you said a moment ago it was largely recovery that you've seen in leisure travel, any expectation of when businesses will start doing more for travel. >> i think with the vaccine rollout, cdc and the guidelines with the other big health and a lot of companies that they are worried about in employees getting sick and if they're not vaccinating or social distancing at their office.

were waiting to open the offices and until that happens it's going to be hard and i hope the lawmakers will consider providing incentives for companies to have full reduction on entertainment to incentivize them with events and travel in providing tax credits for individual travel. maria: is a great point what about the leisure travel, how would you assess of individuals, what are they looking to do? >> that is what they're looking for all of us have been cooped up for so long and there's such a thing called retention travel we just want to go out and enjoy once again and see places and meet people, that's what we try

doing. maria: where are the regions that you see the most activity, where are they going. >> the coast washington, oregon, florida, arizona, having a booming month in march, when spring break, really destination areas and states without a lot of restriction and is having a great deal because they have a lot of restrictions in place in las vegas they want to put us in a 20000 square-foot ballroom so they lost out on the business so i think there's a lot of more steak to help the economy in the hotel industry recover. maria: for sure, there's so much stimulus coming and i guess it has moved the needle a bit in

terms on growth, thank you for joining us. >> thank you for having me. maria: david kong, don't go anywhere more wall street after this. ♪ we made usaa insurance for members like martin. an air force veteran made of doing what's right, not what's easy. so when a hailstorm hit, usaa reached out before he could even inspect the damage. that's how you do it right. usaa insurance is made just the way martin's family needs it with hassle-free claims, he got paid before his neighbor even got started. because doing right by our members, that's what's right. usaa. what you're made of, we're made for. ♪ usaa ♪

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maria: welcome back we have another big program next weekend tune into wall street every friday night at 9:00 p.m. eastern for next week's program in this we can all see on fox news on "sunday morning features" 10:00 a.m. eastern on the fox news channel for "sunday morning features", kentucky senator rand paul, kentucky general daniel cameron and ohio congressman mike turner, all

this week and 10:00 a.m. eastern on fox. start smart every weekday 6 - 9:00 a.m. eastern on "mornings with maria" on fox business we hope you will start your day with us. th it for us for now, they keep her being with me. have a great rest of the weekend. also you next time. ♪ ♪ ♪. gerry: hello and welcome to the wall street journal at large. the outcome of the derricks open trial would be a case of heads we win, tails you lose for the components that america is stem oakley basis. if he had been acquitted of murdering george floyd, it would've caused the justice system is irreparably racist. the riots that were