Business and politics. The future king of saudi arabia, the crown prince make something incredibly profound statements to me during a pour house conversation this week. It went viral. Coming up on the program today we have u. S. Treasury secretary steven mnuchin. His Royal Highness prince salman. And peter thiel is with me. Steve sc shrks warzman is here. David iewben stein and tom farley. But first lets get the biggest headlines from gerri willis. Gere report dow had its stht straight winning week. The push for a tax bill got past a big hurdle. The house narrowly passing a budget. When lawmakers can agree on a tax plan. The house is expected to unveil their version this week. The president talked about the importance of passing tax reform. We are bringing the corporate rate down from 35 to 20 . It will be the biggest tax cut in our country. Right now our country is one of the highest taxed in the world, and we cant have that. Gerri a horrible week for General Electric stock. They are trying to sell parts of the healthcare and transportation division, including the railroad business. They are raising 93 billion in market value. Maria the president s tax reform plan is front and center for his administration as well as the Republican Leadership in the house and senate. We want to get into it. With the budget passing through the house, it paifts the way for this tax bill to proceed through reconciliation. I sat down with treasury secretary Steve Mnuchin to discuss the tax plan and wee discussed what hes doing to combat terrorism. We are excited about the progress on tax reform. We have the budget passed with reconciliation instructions. We expect the budget to come out quickly and get the president to sign this year. Maria could you live with this bill without eliminating the state and local Tax Deductions . I think the two most of important issues the president is focused on is the 20 corporate rate to make our business competitive. Thats whats driving this and thats what well be focused on. Maria you want to make sure to eliminate that deduction because that deduction hits the middle class. Fundamentally we think its the right thing to get the federal government out of subsidizing the states. Having said that, the priority for the president is the middle income tax cut. We want to make sure there is a real tax cut there and we dont have middle income people paying higher taxes because of the way weve changed the system. Maria you could put a cap in place. If you make 300,000 or 400,000 or below, you can deduct it. But if you make above that number you wont be able to deduct it. I wont get into hypotheticals. Maria im trying to write the bill here. This is being discussed realtime in both committees. At treasury we are working with the committees. We are running lots of numbers. We are going to make sure whatever we do will be paid for. Im confident well have this in the next week or two. Maria well be watching when the bill is written and what happens next. This budget was half a trillion dollars over spending. If. From your stand point, when does it become a priority to get your arms around the debt. You are pushing back we have to get jobs and growth, and that will help pay for it. When do you start saying we need to put an ends to the entitlements and pull in our spending . Our focus right now as you know is growing the economy. And despite what certain people have said about my assumptions. Its factual. If we get an extra 1 gdp which we think is doable. Thats an extra 2. 5 trillion. And that will pay down the debt. Growing the economy is what we need to do. Maria 1 movement in gdp will move it 2. 5 trillion. Thats a big number. Senate minority leader Chuck Schumer is waging a war of words against you. I was kinds of shocked he would be saying that about me or any secretary of the treasury. I restrained myself. Its factual. If we get the growth it will pay down the debt. I was quite surprised at his comments. Maria he told politico, i dont know if the man is deliberately lying, but it seems so. His statements are outlandish and he seems to just i dont know if im allowed to use this word, suck up to trump. I have been working with the president for the last two years. I have known the president for 15 years. Im focused on economic growth, whats good for the middle class, whats good for business and creating jobs. What the democrats need to realize is, they are telling us thats what they want also. Let them work with us on these issues. Maria when i interviewed the president last week i asked him this question as well. Are you getting bullied by this . We have schumer questioning whether you are lying. But we knew what the talking points would be. We knew the left was going to say this was a tax cut for the rich. Did you get bullied into this idea that you need another higher break the and raise taxes on the highest earners, then say well take this deduction away . Is that why you have all these ideas to make sure you stick it to the highest earners . Not at all. The president doesnt get bullied. And i dont get bullied. These are sound principles we have been working on during the campaign and all year with the senate and house leadership. If we come up with an extra bracket, its about creating a larger middle income tax cut. As the president said webs not looking to lower taxes on the rich. We are not necessarily looking to raise taxes on the rich. But the focus is middle income tax cuts. We have been consistent on that all along. Anybody who says there is incould be is 10 i, i dont know anybody who says there is inconsistency, i dont know what they have been reading. The issue is if we get rid of state and local taxes it impacts different states differently. Senator schumer has been complaining about this since the beginning of the year, and i understand. It would be a 600 basis point increase in taxes on new york, california, new jersey and those states. And we are sympathetic to the economy. So we are working through these issues. Maria dont goat anywhere. More of my interview with secretary of the treasury stephen mnuchin. And we have the crown prince of saudi arabia. Well be right back. Announcer innovation in saudi arabia. His Royal Highness is taking his country further into the future with a mega city. And its putting billions of dollars to work in the u. S. Through a black stone infrastructure fund. All of that and more when wall street week returns. Om the mart when it might be time to buy or sell . With fidelitys realtime analytics, youll get clear, actionable alerts about potential Investment Opportunities in real time. Fidelity. Open an account today. Fidelity. Ca yes you can can i kick it . Yes you can can i kick it . 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Building your website with godaddy. Get your domain today and get a free trial of gocentral. Build a better website in under an hour. Maria welcome back to wall street week. Im coming to you from the future Investment Initiative in riyadh, saudi arabia. The youth is teaming up with the saudis to combat terrorism its one of stephen mnuchins biggest priorities. We opened the terrorist targeting center its one of my single most of important priorities to fight terrorist financing. We are thrilled to be here in saudi. I looked at three buildings today and they are ready to be opened. We are launching the center here and well be coming out with new sanctions this afternoon on a joint basis. Maria how do you do that . We were talking earlier with people in the crown princes office. He apparently is looking to extremists to represent 20 of saudi, and they want to get that down to 5 . How are you going to stomp out extremists and terrorism with this center . There is a plan for promoting more moderate ideas which is something we have much support. What the terrorist Financing Center is finding people using the Financial System to Fund Terrorism and terrorist activities. And we have our intelligence agencies working together. And this is a multicountry approach. So for the first time well have multi countries in the gulf doing sanctions with us. We think this is very effective. Its the reason iran came to the table to negotiate the jcpoa. The president thinks we need a better deal. They are a terrific tool could combat terrorism. Maria we have not seen a president be as touch against iran and we have seen President Trump be. I think thats something saudis agree on. And thats iran. Thats a big focus of ours. Maria next years initial Public Offering of the Saudi State Oil company should be the largest ipo on record. Here at the future Investment Initiative i was told its on track to go public in 2018. That doesnt mean they might not sell some part of that to the chinese who want in on it. It will be out by he exchange in the world including the New York Stock Exchange. This will be a 100 billion ipo. Everyone assumes that my relationship is totally about the aramco deal. I have known long before it was a notion. Its one of the largest he can changes and saudi aramco is a partner in that respect. Well compete for any ipo in a great business. I cant say too much about saudi aramco from the country to the ministry. They are professional, sophisticated and they are carrying out a very disciplined Due Diligence process to make the right decisions for saad yesterday arabia as a whole. Maria do you think you will get the deal . We want them to make the right decision for them. We wont try to corner them into making what we think is the wrong decision. The New York Stock Exchange is the leading exchange for listing. The next closest exchange is a tiny fraction of that. In terms of the deepest liquidity in the world is in the united states. Its a rigorous governance test if you list there. Thats kinds of the decision criteria that benefits the New York Stock Exchange. But i have no doubter exchanges around the world have their own benefits as well. Maria there are a lot of startups saying i dont want to go public. The Regulatory Environment is too tight. People were wondering why the ipo market was not so busy earlier this year. The american audience likes to make a big deal out of the story. Some of the Great AmericanTech Companies have chosen to stay private. We had a young man who started a Company Three years ago for Consumer Lending in china. That company is now worth 5 billion. And apcom any with gaming from singapore. These are great Tech Companies choosing to go public and choosing the New York Stock Exchange. Maria listed Public Companies in the u. S. Down in the u. S. Because of the Regulatory Environment. The treasury said the Regulatory Environment is way too hard for companies to go public. What are you doing in terms of lowering the standards and making it easier for companies to go public. If you work your way down that press report the next paragraph starts with some of the efforts the New York Stock Exchange and i personally have engaged in to push the administration to engage in ipos. Its down by about move. But the average market case up three times. The. Its not work as well for Small Companies. Small companies are the life blood free enterprise. Maria what can you do to get them to go public . With doddfrank they went too far. Big companies can handle it, small Small Companies cannot. Not requiring external audit for the first two years that a company is public. You can extend that to all new companies. Not just tiniest ones. Have it be for all Companies New to the public market. Maria my thanks to New York Stock Exchange president tom farley. Announcer coming up. 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I spoke with the chairman of saudi arabians sovereign wealth funds. His Royal Highness prince salman is the future king of the country. You have an incredibly beautiful country. You have the resources. But you are having radical ideas, some might say. Recently you were asked if you would soon allow women to drive. You are allowing Foreign Investment in your beautiful country. Why now . What triggered this change in thinking . First of all i dont want to get out of this topic and discuss politics out of the scope of today. But ill be brief. Saudi arabia was not like this prior to 79. You have the awakening sproj spreads after 79 for many reasons. Today is not the right day to discuss them. We were not like this in the past. We only want to go back to what we were. The moderate islam that is open to the world, open to all the religions. [applause] 70 percent of the saudi people are less than 30 years old. And well not a waste 30 years our lives dealing with extremist ideas. Well destroy them today. [applause] we want to live a normal life. A life that translates our moderate religion. Our good customs. We coexist and live with the world and contribute with the development of our country and the world. These are steps we have take in the past that are clear. I believe well eradicate the rest of extremism very soon. We represent the moderate teaching and principles of islam. And the right is on our side. And everything that we deal with. I dont feel that concerned. Maria i almost feel like if you are not using Artificial Intelligence you will get left behind. This is an area you want have strongly. Undoubtedly the world is not going to wait for somebody to catch up. You have to be part of making the development, the new development and the world. The city will be built on the newest technologies of today. The opportunity is unimaginable. A region that is almost vacant. There are many dreams from the saudi leadership, many of the saudis and many of our partners and the Large Companies or individuals. Thousands of dreams that will be established in the city. Everybody can imagine how the shape of the city, the zone, the infrastructure, the sectors, if you start from scratch. And you deal away and forget about the conventionals. Many things could hatch. This is what we are trying to create. Maria you can understand some people look at your ambitious plans saying what is this all about . Saudi arabia investing in solar . We know the demands is not only in energy. Many of the other sectors use oil like Petro Chemicals and other sectors. We believe the demands for energy will increase dramatically in the future. We dont think it will decrease the demand for oil. It will increase between 230 to 240. So we could look at the conventional energy before oil which is coal. If we look at the index for demand for oil and for coal its still on the highest peak. So the use of solar energy does not mean it will negatively affect oil. Maria my thanks to the crown prince. Dont go anywhere, more wall street week right after this. Announcer saudi arain a has its eye on the same prize as President Trump. Infrastructure. Later this hour,. Maria goes oneonone with the legend in technology, all of that and more from riyadh, saudi arabia when wall street week returns. E heroes behind the heroes, who use their expertise to keep those businesses covered. And heres to the heroes behind the heroes behind the heroes, who brought us delicious gyros. Actually, the gyro hero owns veros gyros, so he should have been with those first heroes. Ha ha thats better. So, to recap Small Business owners are heroes, and our heroes help heroes be heroes when theyre not eating gyros delivered by ah, you know what i mean. Bburning of diabetic nerve pain these feet. Liked to style my dog as a kid. And were pumped to open my own salon. 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