What you need to know on Wall Street today

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House Republicans took a huge step forward on their plan to overhaul the tax code Thursday with the passage of the Tax Cuts and Jobs Act.

The TCJA passed fairly easily along a mostly party-line vote 227 to 205, with two Democrats not voting. 13 Republicans voted against the bill. Here’s what you need to know.

In related news, the “Team Trump takeover” of government regulation is now complete. Steven Mnuchin showed off the first dollar bills with his signature — and the internet had a field day.

In deal news, Emerson Electric upped its takeover bid for Rockwell Automation to $US29 billion — 5% higher than the $US27.6 billion bid Rockwell rejected last month. And Mattel snubbed Hasbro’s latest attempt to create a giant toy company. Here’s our story on the latest in M&A.

In other news, Nelson Peltz appears to have won the biggest proxy battle in history after a recount. And Tesla’s sinking stock has made short sellers almost $US1 billion.

Lastly, go inside the pawn shop where Wall Streeters and other New York elite sell their Rolexes and Birkin bags.

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