The House-passed reconciliation bill would most benefit high earners and reduce financial resources available to the lowest-income households, the Congressional Budget Office said in a distributional analysis of the measure Thursday.

The Republican tax bill approved by the House 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.

Middle-income Americans also would see gains from President Trump’s agenda of tax reductions and spending cuts.