President Donald Trump’s tax and spending law will result in less income for the poorest Americans while sending money to the riches, according to a new report from the nonpartisan Congressional Budget Office.

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 Congressional Budget Office estimates that the poorest Americans could lose more income annually compared to rich people due to President Donald Trump's tax legislation.