Mnuchin says child support has gone up over the last year: Mnuchin

President Donald Trump’s budget proposal would reduce the federal child support tax credit from $1,000 to $600 a month for working families, and the Congressional Budget Office said Monday that the GOP’s proposal would raise it by $600.

Trump has been pushing for cuts to the federal family tax credit, a program that pays the cost of the federal government’s tax subsidies to low- and middle-income families.

The tax credits, which were first created in 1935, provide about a quarter of the income of low-income households.

The Trump administration also proposed eliminating the child tax credit.

The tax credit for working parents has been at its highest level in more than 30 years since the government started counting it in 1959.

The Congressional Budget Board, an independent analysis arm, said that the elimination of the tax credit would reduce overall tax revenue by $1.6 trillion.

The White House said Monday it is looking to reduce the credit, which is paid to taxpayers whose incomes are below the federal poverty line.

The Tax Policy Center, a nonpartisan think tank, said in a report that the Republican plan would reduce it by about $2,600 per year.

The center found that the tax break would be offset by reductions in the child benefit and other social services.

In a statement, the White House called the CBO report “misleading” and said it would not make changes to the tax code.

The nonpartisan Tax Policy Forum said that under current law, taxpayers earning less than $25,000 a year would pay about $3,000 in taxes annually under the Republican tax plan.

Under the Republican bill, taxpayers would pay $2.6 billion less under the current tax code, the center said.

It also said that reducing the child support credit would add $2 billion to the deficit.

The budget office estimated that the reduction would reduce federal spending by $2 trillion over a decade.