A closer look at the GOP tax plans - CBS News

CBS News| Mon Dec 04 16:00:48 EST 2017
Wall Street signaled its approval Monday of the tax cuts passed by the Republican-controlled Congress. The Dow closed at a record high, with financial stocks leading the way. The president called the overhaul a Christmas gift. So, what's in it? President Trump is closing in on his first major legislative victory. Now that the Senate and House have both passed GOP tax plans, the "yeas" are 227 and the "nays" are 205.  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 cap the property tax deduc..

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