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:
“Most women without children spend much more time than men on housework; with children, they devote more time to both housework and child care. Just as there is a wage gap between men and women in the workplace, there is a “leisure gap” between them at home. Most women work one shift at the office or factory and a “second shift” at home.”
—Arlie Hochschild (20th century)
“I have no doubt that it was a principle they fought for, as much as our ancestors, and not to avoid a three-penny tax on their tea; and the results of this battle will be as important and memorable to those whom it concerns as those of the battle of Bunker Hill, at least.”
—Henry David Thoreau (1817–1862)
“My credit now stands on such slippery ground
That one of two bad ways you must conceit me,
Either a coward or a flatterer.”
—William Shakespeare (1564–1616)