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:
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Taking me back down the vista of years, till I see
A child sitting under the piano, in the boom of the tingling strings
And pressing the small, poised feet of a mother who smiles as she
sings.”
—D.H. (David Herbert)
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—Ralph Waldo Emerson (1803–1882)
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—Michel de Montaigne (1533–1592)