Trusted to really simplify the tax code like the president wants . Ohio congressman jim renacci on the progress, where things stand right now. Also voting underway in a dirtfilled race for virginia governor. Polls close in three short hours. We will take you live to richmond for the latest on voter turnout and what this crucial race means for both parties. President trump on his second leg of historic tour all over asia. President is in south korea right now, using very different tone in trying to coax north korea to the bargaining table. To give up its nukes. Gordon chang says it may be too soon for negotiations. He is here to tell us why. Melissa the dow closing at brand new record high in final seconds of trading. Lets go to Nicole Petallides on floor of new york stock exchange. Nicole . Dupont. Disney, cocacola, proctor gamble, helped lead the dow to lastminute gains. We had back and forth action. But this is in fact a record, it is the 58th under President Trump. It is 75th record close for the dow since the election. With this slight gain. You and i david talked about this yesterday, those incremental gains, one record after another. Investors were somewhat worried about the tax code, what is going to happen. Tax reform to be more specific. When that will actually occur and happen to go through. Some of the financials really took it and weighed on the Dow Jones Industrial average, and on the s p 500. Look at jpmorgan, bank of america. As well as wells fargo, each dropping more than 2 . And s p, nasdaq, russell also came under pressure. And then we had two of those travel stocks, that hit hard. Look at priceline, and also trip advisor. 23 for trip advisor to the downside. 13 for priceline. Both saw weakerthanexpected outlooks. I will turn the hours around for you, give you some names that hit some highs. We saw apple and amazon, those tech names. Royal caribbean, weight watchers, on earnings. Big moves there, the dow named mcdonalds and American Express and visas add that as well. Record close for the dow up 8. Melissa nicole, thank you so much. David it is election day across the country, year after americans went to the polls to elect donald trump as 45th president of the United States. And the stock market of course is in record territory despite the naysayers from the Mainstream Media a year ago. Bring in gary kaltbaum, kaltbaum capital management. And lenore hawkins, research strategist. Gary, not a great market day. But another record. A year ago we were 5000 points on the dow. Who gets credit for that . 3 00 a. M. , night trump one the election, paul krugman david doesnt say it. I would give it to lenore. Lenore, pulling rug out from under you. Here is what paul krugman said on Election Night. I did not know. David it really does now look like president donald j. Trump, markets are plunging. Question when markets will recover, a first pass answer, never. Were probably looking at a global recession with no end in sight. Lenore, i will throw it to you. What do you think of krugmans prediction . I think that prediction is about as accurate as much of krugmans predictions. His nobel prize, i find it rather fascinating. Amazing to see these markets moving up and up and up. We are at a point getting concerning. You look at market top, never obvious at the time. One thing market tops do have in common. We have excessively high valuations. Right now we have price it earnings multiples are in record territory. We have super low volatility. Volatility this year has been lower than weve ever seen it in history. David i know. Number of times the vix closed below 10 is astronomical. David you get kind of nervous when everybody is so calm, gary. Maybe you shouldnt. That is a kneejerk reaction to it. The question, i didnt let you finish the answer, who gets the credit for a 5,000 point gain on the dow . Well, definitely, trump, because it lifted off of that day, but you got to throw in the fact that easy money continues. Were at 4. 1 unemployment. Still at 1 rates here in negative rates and europe, japan and still printing. So the easy money, but also, economies around the globe are getting some oomph to them. You add the three together you get this great stock market. The only bad thing i can stay about the market, sentiment as lenore said, way up there, bullish which is contrary indicator, something to watch. But i have yet to see anything that tells me the market is in i big trouble as of yet. David hang in there, gang. Melissa taxwriting committee in the house, known as ways and Means Committee is continuing to mark up the republican tax reform bill, in the hopes of passing something this year. Blake burman live in d. C. Blake, do they feel like they can get this done . Well on the house side they are certainly marking this up. Then it will go over to the senate side. The feeling here, melissa, talking with folks today this potentially could go to conference depending on whole different range of issues. With the house side they feel they have the numbers here but right now theyre going through the markup process. It is start of a process what should be potentially weeks long, if not months long going forward. One of the issues i can tell you talking with people here as the senate is set to take up their bill, or at least put it forward, whether or not there will be individual mandate, repeal of the obamacare individual mandate as part of the senate plan. Right now that is not a part of the house plan. It doesnt appear if it will be taken up. Several conservatives within the senate want to repeel of individual mandate as part of that plan. For example, senators ted cruz said earlier today, that he thinks the house bill doesnt go far enough on the individual side, in the way that he argues to bring rates down lower for everyone, to include that repeal of the individual mandate. Here was senator cruz today, and his complaints of part of the house bill. Listen. The business side is terrific but there are some taxpayers, who are losing exemptions, particularly in hightaxed states. Like new york or california. That could conceivably be paying higher taxes. I think that is, a mistake. I think. Tax reform needs to cut taxes for everybody. Reporter by the way here at capital, melissa expected to meet with Senate Democrats is the top Economic Advisor to the president , gary cohn. The legislative affairs director, mark short. They are here at the capitol meeting with Senate Democrats possibly moving the ball forward with them. White house officials, melissa, they feel they are on track with the whole legislative process to potentially get legislation to the president s desk by the end of the year. Melissa. Melissa we will see. The pressure is on. Were watching. Were taking notes. Were there. Blake thank you for that. David forget to say were praying. Praying literally. Melissa i know. David republican congressman jim renacci, from ohio, house ways and Means Committee. Gubernatorial candidate in ohio. You need those prayers. You look at these volume resumes of our tax code. It is stacked up on tables of some of these congressman trying to make the case we need simplification. I think to cut through all that verbiage and all of those special deals must be next to impossible. No . Interesting, im a businessman for 30 years, still a licensed cpa. David good for you. I worked for the tax code for three decades. It is complicated. We need to simplify it. The key, simplifying tax code, making sure middle income americans get tax break. Make sure we lower corporate rates. We need sustained growth. I hear you talk about the markets earlier, the markets will continue to grow up if we have sustainable growth. We have to get sustained growth by bringing corporate rates down. Allowing middle americans to have more money. David simplifying the code. Just ripping up books. Here is the problem. I will read to you, from the brady amendment to the new tax code. This is brand new, hot off the press. This is a provision found on page 398. It says, we can put up the full screen. Im going to read directly from this brady amendment. It says insert the following. The Foreign Corporation shall be allowed a deduction for the taxable year referred to in subparagraph a, equal to the product of the sum of 104 , plus the annual federal shortterm rate for the last month, ending before the beginning of the taxable year, multiplied by the deemed expenses with respect to such amount. Now maybe a cpa like you can understand that but i cant. It makes me wonder, which Foreign Corporation is getting 104 discount on their tax bill . Well, none of them are. This is again, this was really an amendment to try to simplify things even though it sound david that is simplification . I do understand. When youre reading from an amendment it is changing actual code which does make it complicated. But you got to remember, it is reading, stating amendment that is adjusting code. So, some ways it is difficult. Look i feel sorry for many members on ways and Means Committee dont have experience i have being a business guy and tax guy because some of this stuff is complicated. David this is like reading greek. You wonder why you cant throw okay. Here is from our viewers. Millions are watching this process take place. Here is from one of our viewers. His james is jim. We wont give the full name. David, the 3,000dollar maximum annual stock loss deduction has been in place since 67 i think. Have you heard or asked any representatives or senators if that is going to be increased . You know the answer to that . From what i understand that stays the same but i dont, i cant tell you, weve been worried about itemized deductions and tabs rates. In my opinion from what i know today, that stays the same. David congressman renacci, one herculean assignment. I wish possible to throw away the books and start fresh. I agree with you. Trying to simplify this, get on postcards. Were in ways and means debating things that are not factual. That is the problem about making sausage which is what were doing right now. We are trying to sim islify. What i like about this, we can get this on a postcard. We raised the standard deduction, double it. Eliminate some of these deductions. People will say were taking deductions away. Were not, were doubling the standard deduction, giving 20 more people the opportunity to deduct that. David congressman, our job is to pose what that sausagemaking process looks like. We hope you come back to do more of that. Appreciate it. Thank you. Well continue. Thank you very much. Melissa gary, lenore are back with us. What do you sympathy about what you heard . I dont think einstein can figure out what the heck they are doing over there. I dont even know where to start. I think they have done a good job on the corporate side. For whatever reason they have completely fumbled the ball on the individual side. Melissa yeah. Credit this, credit this the deduct that, give this, take that, that is what we want to get away from. Not run to. I got to applaud david for actually calling him on that. I cause nausea, comes to amendments and taking things back. Well see what the final product is. Im not hopeful especially what we see so far. Lenore what do you think . Im not sure what kind of postcard he was talking about. That would be a hell of a postcard with that equation. Melissa biggest one you have ever seen in your whole life i think. Well the challenge with all of that, everyone of those deductions, everyone of those pages in our tax code, that is a way a politician bought votes from constituents, granting favors here and there. When we say well simplify it. It all sound great. That means giving up what you are giving to the constituents. That is not an easy thing to do when you want to get reelected. All right, guys. Thank you. David, i mean david what i read, this is the new improved version what i read. As congressman was trying to tell us, you should have read the old version. I cant imagine it would be anymore complex what we read. Melissa feels like it. David that is simplified. Anything is it per. Half a loaf is better than none. Well see. New fallout over fbi director james comey handling of the Hillary Clinton email probe. What an early draft has now revealed. Melissa as bombshell claims from former dnc chairperson Donna Brazile are spurring calls from a former clinton advisor for a special prosecutor. Judge Andrew Napolitano sounds off coming up. David voting is now underway in highstakes raise for virginia governor. Polls closing in less than three hours. Were live in richmond for an update. Juan williams, caylee mckenna, what results from other key races in the ballot box mean for the midterms next year. I feel good. The fact is, we have been gaining momentum. You can see it everywhere i go. You can see it in the poll numbers. S more care though. She wants to stay in her house. I dont know even where to start with that. First, lets take a look at your Financial Plan and see what we can do. Ok, so weve got. Well listen. Well talk. Well plan. Baird. I can do more to lower my a1c. And i can do it with whats already within me. Because my body can still make its own insulin. And onceweekly trulicity activates my body to release it. Trulicity is not insulin. It comes in a onceweekly, truly easytouse pen. It works 24 7, and you dont have to see or handle a needle. Trulicity is a onceweekly injectable medicine to improve blood sugar in adults with type 2 diabetes when used with diet and exercise. It should not be the first medicine to treat diabetes or for people with type 1 diabetes or diabetic ketoacidosis. Do not take trulicity if you have a personal or Family History of medullary thyroid cancer, if you have multiple endocrine neoplasia syndrome type 2, or if youre allergic to trulicity. Stop trulicity and call your doctor right away if you have a lump or swelling in your neck, severe stomach pain, or symptoms like itching, rash, or trouble breathing. Serious side effects may include pancreatitis. Taking trulicity with a sulfonylurea or insulin increases your risk for low blood sugar. Common side effects include nausea, diarrhea, vomiting, decreased appetite, and indigestion. Some side effects can lead to dehydration, which may worsen kidney problems. I choose onceweekly trulicity to activate my within. If you need help lowering your a1c and blood sugar, activate your within. Ask your doctor about onceweekly trulicity. Retail. Under pressure like never before. And its connected technology thats moving companies forward fast. Ecommerce. Real time inventory. Virtual changing rooms. Thats why retailers rely on comcast business to deliver consistent Network Speed across multiple locations. Every corporate office, warehouse and store near or far covered. Leaving every competitor, threat and challenge outmaneuvered. Comcast business outmaneuver. Whentertaining us,es getting us back on track,hing . And finding us dates. Phones really have changed. So why hasnt the way we pay for them . Introducing xfinity mobile. You only pay for data and can easily switch between pay per gig and unlimited. No one else lets you do that. See how much you can save. Choose by the gig or unlimited. Xfinity mobile. A new kind of network designed to save you money. Call, visit or go to xfinitymobile. Com. David very highstakes governor race underway in virginia. Its a dirty race. Voters hitting the polls right now as republican ed gillespie battles democrat Lieutenant GovernorRalph Northam. A racine as a big test of President Trumps political influence. Our own adam shapiro is outside the gillespie headquarters in richmond, virginia, with very latest. Hi, adam. Reporter hi, david. The stakes are not only important for ed gillespie, but the latest, politico, President Donald Trump series of robocalls going out to potential gill leslie voters, hello, this is President Donald Trump, so importantly i need for you to vote for ed gillespie, as governor of virginia. That is one of the issues. Peter doocy trying to confirm with the rnc about this robocall. Also caught up with ed gillespie this horning to talk about the momentum of his base as they go into this election. Here is what gillespie said. People are pumped up out there. I felt it past couple days on the trail. Ive been feeling it for some time now. I feel we will win the race to put forward the plans to get virginia growing again. People are hungry for that. Reporter both candidates did vote this morning. We have video of ed gillespie, Ralph Northam. President obama was campaigning for northam, earlier about two or three weeks ago, at a big rally not far from richmond. We go into this with polls closing, roughly 7 00 p. M. Tonight. If you are in line before 7 00 p. M. , when the polls close, as long as youre in line, you can still vote. This is the race that a lot of people nationwide, republican and democrat are watching. David . David quickly, adam, the weather, sunny or raining . Reporter cold and raining. David good stuff, adam. Thank you very much. Melissa. Melissa here is kayleigh mceney, and juan williams, the five cohost on fox news. Caylee, every canting this to expand to be doordie on President Trump. Referendum on enthusiasm within the Democratic Party what do you think . Well, if this is referendum on trump in our party, it is one that is encouraging because this is a point that is within the margin of error. Many polls show this at two to three percentage points. Keep in mind, Ralph Northam was ahead by double digits not long ago. The gap has narrowed. There is exist behind this president , excitement behind this agenda. What ultimately happens, this is a race ed gillespie chose to run his way, one that shows deepen enthusiasm for the party. How close it is real proof we can win potentially a blue state, one Hillary Clinton won by five points. One that a republican hasnt won statewide since 2009. Melissa juan, seems like Donna Braziles book was hurtful, comin