Bring tomato and juice to a boil in a large saucepan. Reduce heat; simmer, uncovered, 30 minutes.
Place tomato mixture and basil in a blender or food processor; process until smooth. Return pureed mixture to pan; stir in milk, salt, and pepper. Add cream cheese, stirring well with a whisk, and cook over medium heat until thick (about 5 minutes). Ladle soup into individual bowls; garnish with sliced basil, if desired. Serve with bread.
8 servings (serving size: 1 cup soup and 1 bread slice)*I modified this recipe by using (gasp!) canned tomatoes (1-14 oz can whole tomatoes and 1-14 oz can diced tomatoes) because I didn't have any fresh tomatoes on hand and was too tired to go to the store. This was enough for 4 servings. I also added 2 Tbs sugar and omitted the milk because 4 oz of cream cheese for 4 servings was plenty creamy (maybe a tad much). It still turned out great. This is the perfect comfort food.