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:
“Dad, if you really want to know what happened in school, then you’ve got to know exactly who’s in the class, who rides the bus, what project they’re working on in science, and how your child felt that morning.... Without these facts at your fingertips, all you can really think to say is “So how was school today?” And you’ve got to be prepared for the inevitable answer—”Fine.” Which will probably leave you wishing that you’d never asked.”
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—Wendell Berry (b. 1934)
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—Ralph Waldo Emerson (1803–1882)