Congressional Budget Office: GOP tax bill would cost poor Americans and boost highest earners

The Congressional Budget Office released an analysis showing that the so-called One Big Beautiful Bill Act would cause adverse financial effects for poor Americans while increasing the income of the nation's wealthiest residents.

The CBO found cuts to social safety net programs would cost the poorest U.S. Americans around $1,600 a year.

The wealthiest households are expected to average a $12,000 increase annually. Middle-income households would get a boost of up to $1,000 per year, according to the CBO.

Read more from The Associated Press.