GOP tax bill would cost poor Americans $1,600 a year and boost highest earners by $12,000, CBO says

WASHINGTON (AP) — The Republican tax bill approved by the U.S. House of Representatives 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, according to a new analysis released Thursday by the Congressional Budget Office. Middle-income households would see a boost of roughly $500 to $1,000 per year under Republican President Donald Trump’s tax bill, the CBO found. 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...