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:
“Nothing in medieval dress distinguished the child from the adult. In the seventeenth century, however, the child, or at least the child of quality, whether noble or middle-class, ceased to be dressed like the grown-up. This is the essential point: henceforth he had an outfit reserved for his age group, which set him apart from the adults. These can be seen from the first glance at any of the numerous child portraits painted at the beginning of the seventeenth century.”
—Philippe Ariés (20th century)
“In other words, a democratic government is the only one in which those who vote for a tax can escape the obligation to pay it.”
—Alexis de Tocqueville (1805–1859)
““What are the characteristics of today’s world so that one may recognize it by them?” It pays pensions and borrows money: credit and monuments.”
—Franz Grillparzer (1791–1872)