A new tax plan passed by the U.S. House of Representatives could mean that the poorest Americans lose about $1,600 a year, while the richest families might gain around $12,000 annually, according to a report from the Congressional Budget Office (CBO). Families with average incomes could see an increase of about $500 to $1,000 each year. The suggested cuts for low-income families are because of less money for social programs like Medicaid and food assistance. The plan also suggests stricter rules for getting food aid and new requirements for Medicaid. Some Republicans, including Treasury Secretary Scott Bessent, do not agree with the CBO's report. They argue that if the plan is not passed, it could lead to serious economic problems. However, the CBO says that the cost of the tax plan would be paid for by money from tariffs.