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:
“We live by our imaginations, by our admirations, by our sentiments. The child walks amid heaps of illusions, which he does not like to have disturbed. The boy, how sweet to him his fancy! how dear the story of barons and battles! What a hero he is, whilst he feeds on his heroes! What a debt is his to imaginative books!”
—Ralph Waldo Emerson (1803–1882)
“To tax and to please, no more than to love and to be wise, is not given to men.”
—Edmund Burke (1729–1797)
“One must credit an hypothesis with all that has had to be discovered in order to demolish it.”
—Jean Rostand (1894–1977)