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:
“A lifetime [or, eternity] is a child playing, playing checkers; the kingdom belongs to a child.”
—Heraclitus (c. 535–475 B.C.)
“If you tax too high, the revenue will yield nothing.”
—Ralph Waldo Emerson (1803–1882)
“Taft, laughing, “What troubles [brother] Charles is, he is afraid Roosevelt will get the credit of making me President and not himself.” To Charles: “I will agree not to minimize the part you played in making me President if you will agree not to minimize the part Roosevelt played.””
—William Howard Taft (1857–1930)