Add the flour, baking soda, baking powder, and salt to a small mixing bowl. Whisk to combine. Set it aside.
Using either a stand mixer or a medium-sized mixing bowl and a handheld mixer on high speed, beat together the softened butter and cream cheese for 2 to 2½ minutes until smooth.
Add the sugars, milk, and vanilla. Continue mixing on high for another 1½ to 2 minutes until fluffy.
Lower the mixer speed to low and slowly add the flour mixture. Mix just until well combined.
Fold in the chocolate chips.
Cover the cookie dough and chill in the refrigerator for at least 1 hour.
Preheat the oven to 375°F. Line a baking sheet with parchment paper.
Use a 1½ tablespoon cookie scoop to scoop out the cookie dough. Space the dough 2 inches apart. Gently press the dough slightly. Bake for 8 to 10 minutes, until the edges are golden brown. Allow the cookies to rest on the baking sheet for 2 to 3 minutes before transferring the cookies to a cooling rack to finish cooling.