Child Tax Credit

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:

    The child who would be an adult must forgive the parents for all the ways they didn’t raise him or her just right, whether their errors were in loving too much or too little. All parents, as parents of adults, do deflating things that make you feel like a child. If you have children, you’ll do those things too and eventually laugh about them.
    Frank Pittman (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)

    To act the part of a true friend requires more conscientious feeling than to fill with credit and complacency any other station or capacity in social life.
    Sarah Ellis (1812–1872)