Procedure this is the cbs evening news with jeff glor. Glor and this is our western edition. 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 yeas are 227. The nays are 205. Reporter both bills reduce individual rates across the board while roughly doubling the Child Tax Credit and the standard deduction. In 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 agreeme
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