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:
“Compared to other parents, remarried parents seem more desirous of their child’s approval, more alert to the child’s emotional state, and more sensitive in their parent-child relations. Perhaps this is the result of heightened empathy for the child’s suffering, perhaps it is a guilt reaction; in either case, it gives the child a potent weapon—the power to disrupt the new household and come between parent and the new spouse.”
—Letty Cottin Pogrebin (20th century)
“The government’s view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it.”
—Ronald Reagan (b. 1911)
“Especially with our first child, we tend to take too much responsibility—both credit and blame—for everything. The more we want to be good parents, the more we tend to see ourselves as making or breaking our children.”
—Polly Berrien Berends (20th century)