GOP tax bill would cost poor Americans, boost highest earners, CBO says

The Republican tax bill approved by the House would cost the poorest Americans roughly $1,600 a year while increasing the income of the wealthiest households by an average of $12,000 annually. That's according to a new analysis released Thursday by the Congressional Budget Office. The analysis found that middle-income households would see a boost of roughly $500 to $1,000 per year. The cuts to the lowest-income households come from proposed cuts to social safety net programs including Medicaid and a food assistance program for lower-income people, known as Supplemental Nutrition and Assistance Program. Treasury Secretary Scott Bessent and other Republicans have sought to discredit the CBO’s analyses of the bill.