Dentalwork taking place on big cats. Currently were doing four root canals. This is the cbs evening news with jeff glor. Glor and good evening. Wall street today signaled its approval of a tax cut passed by the republicancontrolled congress. The dow closed at a record high with financial stocks leading the way. The president called the overhaul a christmas gift. So whats in it . Chief Congressional Correspondent nancy cordes unwraps the tax package. Im talking about massive, massive tax cuts. Glor President Trump is closing in on his first major legislative victory. The yeas are 51. Reporter now that the senate and house have both passed g. O. P. Tax plans. On this vote the nays are yeas are 227. The nays are 205. Reporter both votes reduce individual rates across the board while roughly doubling the Child Tax Credit and the standard deduction inch exchange, both plans eliminate deductions for interest on student loans, for state and local income taxes, and both plans pass a property Tax Deduction at 10,000. We can reach an agreement quickly. Reporter g. O. P. Leaders predict it will take them about a week to iron out key differences between the two bills. The house bill, for instance, eliminates the alternative minimum tax. The senate bill does not. The house bill makes the new lower tax rates permanent, while the senate bill allows them to sunset in 2025. And House Republicans like that the senate bill repeals the individual Health Insurance mandate, which would allow the g. O. P. To finally chip away at obamacare. But democrats say republicans are rushing and making mistakes. I want you to take a look at this folks, this is your government at work. Reporter the bill that passed the senate early saturday had illegible changes scribbled in the margin. Conversion for a corporation something, ccorporation paren dangerous . That cant be right. Reporter and while studies show the wealthiest would be the biggest winners, republicans insist all taxpayers would come out ahead. This is what this bill is about, take home pay, more money for the american people. Reporter republicans do not have the luxury of focusing just on taxes. The government funding is set to expire at the end of the week, which raises the specter of a Government Shutdown if the two parties cant cut even a shortterm deal over military and domestic spending. Jeff . Glor nancy cordes, thank you very much. All right. Joining me now with more on this is cbs News Business analyst jill schlesinger. Jill, good to see you. Talk more about what this means, especially as it pertains to the middle class. Well, the middle class really depends on where you live. So if we look at a range, its somewhere around 40,000 to 125,000. So lets take a household making say 75,000, and that household would get a near doubling of their standard deduction up to 24,000, and the average tax cut would be 840. But, and heres the but, it is just an average. We find out that 88 of people would see a tax reduction. 10 would see an increase, and the rest would actually stay the same. Glor a lot of Small Business owners looking at this carefully, too. Well, this is an interesting part, because right now most Small Businesses are organized as passthroughs. It means the money you earn passes through the entity and comes to you and youre taxed at whatever your rate is at the time. Now, under the senate plan, there is something new that happens for passthroughs. You get a deduction of 23 of your income some think about this. You make 100,000 for your business. Now you have 23,000 less upon which to be taxed, leaving 77,000. And again, there is a but with this. And that is that when you look at these passthrough corporation, it could be a potential where we see a lot of loopholes. Critics are saying this is where we have to really protect the taxpayers. Glor the other point here is that nothing is absolutely settled yet. Jill, thank you so much. Thank you. Glor the u. S. And south korea begin one of the largest combined airs for exercises in history. 12,000 troops, 230 aircraft. The show of force comes a week after north korea test fired its most advanced missile yet. National security adviser h. R. Mcmaster says the potential for war with the north is growing each day. Ben tracy got to fly with american crews at the Misawa Air Base in japan. Reporter these f16 fighter jets would be part of first wave sent into north korea to help take out enemy radar and missile defenses. We flew with major richard smeading, who goes by the call sign punch. We shot up into the air at nearly 500mph. Then right up the face of a spectacular japanese mountain and just barely above the surface of a lake. Pull up, pull up. Ready in yep. Reporter we dove into narrow mountain canyon, similar to terrain you would encounter in north korea. Whats the mission were flying today . Were doing a simulated flight mission. Reporter this is called a pop attack, in which we pop several miles up into the air and simulate dropping a bomb on a site where enemy weapons may be stored. Ill check the plane with the crew chief. Reporter colonel scott jobe is commander at the air base in japan. He says north koreas increased missile testing has led the air force to conduct more complex training exercises. We want diplomacy to take its course. We want that to be the primary mechanism, but if needed and if called on, were ready to go, and were ready to go right now, 100 . Reporter toward the end of our flight, major smeading true us to where a recent north korea missile sailed over japan. Its awfully close to your base. Yeah. Reporter giving the rising tension, do these exercises feel more important . They do. Its definitely a game changer now that they have weapons that can reach america. Reporter north korea is calling the u. S. And south korea war mongers for staging these military exercises this week. North korean state media says it is a provocation that could lead to a nuclear war. Jeff . Glor ben, thank you very much. Police and f. B. I. Agents said they broke up a planned mass shooting at an Islamic Center in jacksonville, florida. One man was arrested friday. Police say he had weapons and asked an undercover detective for help in buying a silenter. Hes identified as a citizen of the philippines living in the u. S. On a green card. President trump had weighed into the trump investigation again raiding new questions about on struk of justice. His legal team came up with their definition of it. Heres chief White House Correspondent major garrett. Well, i feel badly for general flynn. I feel very badly. Reporter President Trump empathized with his former National Security adviser Michael Flynn who admitted friday for lying to the f. B. I. About his contacts with russian officials. I think its a shame. Reporter over the, we mr. Trump tweeted he fired flynn just 24 days into his term because he lied to the Vice President and the f. B. I. The white house had said the president fired flynn only because he misled Vice President pence. The tweet sparked new questions about whether the president has obstructed justice. Shortly after firing flynn, mr. Trump told thenf. B. I. Director james comey he hoped comey could let the Flynn Investigation go. The president later fired comey. One of the president s lawyers, john dowd, argued today that the president cannot obstruct himself as the person with power and expression over the justice department. It would be a shocking surprise to president clinton that a president cannot be prosecuted for obstruction of justice. Reporter jimmy gurule, a former assistant attorney general under president george h. W. Bush, disagreed. The statements that have been made by President Trumps lawyers basically amount to the claim that the president is above the law, that the president is not bound by the constitution, is not bound by the rule of law. Reporter obstruction of justice was part of the articles of impeachment filed against both president clinton and president nixon. Jeff . Major garrett, thank you very much. Lets now bring in your white house colleague, margaret brennan, who had a very interesting conversation with the new Russian Ambassador about the investigation. Margaret, to you. Mr. Trump maid it clear many times that he would like to improve russianamerican relations. But until tow, i couldnt say that our relations have become more better. Reporter ambassador antonov told us the russia investigation severely complicates his work. Many u. S. Officials even refuse to meet him. How do you possibly get past the mistrust around the 2016 election . Its very difficult to try to find a black cat in a dark room where there is not any cat at all. Reporter youre saying there is no story there . There is not any proof regarding russian interference into your election,. Reporter hours before our interview, former trump National Security adviser Michael Flynn had pleaded guilty to lying to the f. B. I. About his contacts with antonovs predecessor, sergey kislyak. Frankly, i dont understand why any officials has no right to speak to Russian Ambassador. Reporter what do you make of that . It seems to me. Reporter these are serious charges involving your previous ambassador. Yes, he is. Reporter that comp claits thing. Yes, hes very smart, talented diplomat. Im very much surprised that some mass media decided to play him as a spy. Its stupid. Its nonsense. This is the f. B. I. Come on, you say. This. Reporter his primary goal, antonov said, is to restore relations between the u. S. And russia. We want to be together, fighting terrorism, to protect nonproliferation, and maybe to start negotiations about nuclear disarmament. Reporter antonov, who has brokered arms control deals with the u. S. Before said now he wants to collaborate on cybersecurity, an offer that so far the u. S. Has not taken up. Jeff . Glor margaret, thank you very much. Former access hollywood host billy bush accused President Trump today of revisionist history for reportedly saying it is not his voice on that infamous video, making a crude remark able women. In an oped piece in the any timed, bush wrote, of course he said it. Bush was interviewed this evening by stephen colbert. Look, he last week for some reason came out with, thats not my voice on the tape. Like i said, you cant say that. That is your voice. I was there. You were there. Thats your voice on the tape. But then youve got 20 women at the time, i dont know what the exact number is because theres more, but 20 women who used their names. Weve got powerful people being held accountable now, and sometimes theres anonymous sources. All of these women came out with their names and told their detailed accounts. And as i read these, i said, 20 women dont get together and say, hey, you know what would be fun, lets take down a powerful guy together, ha, ha, no, they dont. I said, okay, youre reopening wounds on them, too. Enough is enough. Stop playing around with peoples lives. That upset me. Glor you can see the rest of Stephen Colberts interview on the late show right here on cbs. The president today tweeted his endorsement of Alabama Senate candidate roy moore despite Sexual Assault allegations against moore. Eight days before the election, moore leads Democrat Doug Jones by six points. In 1980, illinois congressman John Anderson lost the republican president ial nomination to Ronald Reagan then ran as an independent. Anderson debated reagan oneonone when democratic incumbent jimmy carter declined to join them. John anderson died last night. He was 95 years old. There there was Something Special in the sky last night as the moon made its close e approach to earth. The super moon appeared 13 larger and 30 brighter than normal. The next super moon will rise on new years night. Reporter a National Monument was just declared. Now 85 of it could be taken away. Joe taft has been rescuing big cats for 26 years. Many come here in poor health. So hes going to feel a lot better after this is done . Absolutely. [roars] reporter scared me. Coaching means making tough choices. Jim youre in but when you have high Blood Pressure and need Cold Medicine that works fast, the choice is simple. Coricidin hbp is the 1 brand that gives powerful cold symptom relief without raising your Blood Pressure. Coricidin hbp. Well, what are you doing o take care otomorrow 10am . But. Staff meeting. 3 45 . Tai chi. 6 30 . Sams baseball practice. You are busy. Wouldnt it be great if you had investments that worked as hard as you do . Yeah. Introducing essential portfolios the automated investing solution. This this this is my body of proof. Proof of less joint pain and clearer skin. This is my body of proof that i can take on Psoriatic Arthritis with humira. Humira works by targeting and helping to block a specific source of inflammation that contributes to both joint and skin symptoms. Its proven to help relieve pain, stop further joint damage, and clear skin in many adults. Humira is the 1 prescribed biologic for Psoriatic Arthritis. Humira can lower your ability to fight infections, including tuberculosis. Serious, sometimes fatal infections and cancers, including lymphoma, have happened; as have blood, liver, and nervous system problems, serious allergic reactions, and new or worsening heart failure. Before treatment, get tested for tb. Tell your doctor if youve been to areas where certain fungal infections are common, and if youve had tb, hepatitis b, are prone to infections, or have flulike symptoms or sores. Dont start humira if you have an infection. Want more proof . Ask your rheumatologist about humira. Whats your body of proof . Glor President Trump flew to utah to sign proclamations that could open the land to mining and grazing. Jamie yuccas is also there. Reporter the view is breathtaking. A lab of cultural richness, beauty and solitude. For mary benalli, bears ears is home. This place is so sacred to native americans. People need to be here to see it and ftel that feeling. Report benalli is a descendant of the navajo and hopi, which were among the tribes that convinced president obama to set aside more than a million acres to create bears ears National Monument. I looked around. Wow. Little old us. Somebody actually listens to us in washington. Reporter and now . Its what we asked. And now this. Reporter this is the move by the Trump Administration to drastically shrink the amount of land protected at bears ears from 1. 35 million acres to just over 200,000. And the equally stunning Grand Staircase escalante National Monument in southern utah by half. But there are those who prize what lies underneath the land oil, gas, uranium, which is why the quiet land is now surrounded by so much noise. Who do you think President Trump and mr. Zinke are . Two of the best people ive been able to associate myself with. Reporter this man says the federal government has overreached and residents should have more control. What about the native americans say this is their land and its sacred ground . I applaud the fact they want that protection. I just simply think that that protection exists. Reporter but for navajo elder willie grayeyes, stripping away protection would leave a deep scar. Not only within myself but my nation and probably all the native americans. Reporter this is Grand Staircase escalante. Former president clinton declared this a monument more than two decades ago. Just like bears ears, it took years to get that status. Now native tribes and environmental groups say it could be years of a legal fight before it is resolved. Jeff . Glor jamie, thank you very much. Up next, times short list for person of the year, and last person of the year, and last areas winner is on it. Reyo its protection for generations of families, and 150 years of strength and stability. And when youre able to harness all of that, thats the power of pacific. Ask a Financial Advisor about pacific life. 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