A child tax credit is the name for tax credits issued in some countries that depends on the number of dependent children in a family. The credit may depend on other factors as well: typically it depends on income level. For example, in the United States, only families making less than $110K per year may claim the full credit. In many US counties the median family income is more than $110K per year, so the income level of the family is a larger consideration than the number of children. For example, in 2009, the majority of families in Loudoun County, Virginia, made $110,600 or more and would therefore not receive the full credit. Similarly, in the United Kingdom the tax credit is only available for families making less than £42,000 per year.
Read more about Child Tax Credit: Germany, United Kingdom, United States
Famous quotes containing the words child, tax and/or credit:
“Uncertainty about the outcome is a given in child rearing and not a reflection of a mother’s inadequacy. She should not be misled by her wish to be omnipotent, all-powerful, all-giving, the perfect mother, who will right all the wrongs and make up for all the deprivations of her own childhood. She is simply an imperfect human being with needs of her own.”
—Elaine Heffner (20th century)
“If you tax too high, the revenue will yield nothing.”
—Ralph Waldo Emerson (1803–1882)
“In a secular age, an authentic miracle must purport to be a hoax, in order to gain credit in the world.”
—Angela Carter (1940–1992)