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:
“In order to feel good about himself, a child must be successful in his own eyes, not just in your eyes. Self-esteem is an inner feeling: Sometimes it corresponds with outer reality, and sometimes it doesn’t.”
—Stanley I. Greenspan (20th century)
“...many tax collectors and sinners were also sitting with Jesus.”
—Bible: New Testament, Mark 2:15.
“One must credit an hypothesis with all that has had to be discovered in order to demolish it.”
—Jean Rostand (1894–1977)