A report from the Congressional Budget Office (CBO) says that the new tax plan from the U.S. House of Representatives might cause the poorest Americans to lose about $1,600 each year. At the same time, the richest families could get around $12,000 more annually. Families with average incomes might see their money go up by about $500 to $1,000 every year. These possible losses for low-income families are because of cuts to social programs like Medicaid and food assistance. The bill also suggests stricter rules for getting food aid and new ways to participate in Medicaid. Some Republicans, like Treasury Secretary Scott Bessent, don't agree with the CBO's report. They say that if the bill doesn't pass, it could cause big economic problems. But the CBO has said that the cost of the tax bill would be covered by money from tariffs.