Analysis finds reconciliation bill would most benefit high earners and reduce financial resources available to the lowest-income households.

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.

WASHINGTON— Republicans’ tax-and-spending megabill would give more money to middle-income and high-income households while taking benefits away from low-income people, according to a Congressional Budget Office analysis released Thursday.