Trump Tax Law Squeezes Poor, Boosts Income for Wealthy: CBO (1)

President Donald Trump’s tax and spending law will deal a financial blow to the poorest Americans while boosting the income of wealthier households, according to a new analysis from the Congressional Budget Office.

The poorest 10% of households will lose an average of about $1,200 in resources per year, amounting to a 3.1% cut in their income, according to the analysis released Monday of the “One Big Beautiful Bill Act.” Households in the highest 10% of incomes will see about a $13,600 boost in resources on average, amounting to a 2.7% increase in their incomes.

Earners in the middle ...