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:
“Sadism is not an infectious disease that strikes a person all of a sudden. It has a long prehistory in childhood and always originates in the desperate fantasies of a child who is searching for a way out of a hopeless situation.”
—Alice Miller (20th century)
“To tax and to please, no more than to love and to be wise, is not given to men.”
—Edmund Burke (17291797)
“Japanese mothers credit effort as the key determinant of a childs achievement in school, while American mothers name ability as the more important factor.”
—Perry Garfinkel (20th century)