New CBO report shows recent tax bill favors the richest, harms the poorest Americans.

The Congressional Budget Office (CBO) has found that the recently passed Republican tax and spending bill would greatly benefit the top 10% of earners in the U.S., while the poorest families would suffer net losses. Middle-income families would see modest gains, but those earning less than $55,000 annually would lose more in government benefits than they gain in tax cuts. The richest families, earning around $692,000 a year, would save about $12,000 annually, while the poorest would lose $1,600 annually.