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:
“It hurts me to hear the tone in which the poor are condemned as “shiftless,” or “having a pauper spirit,” just as it would if a crowd mocked at a child for its weakness, or laughed at a lame man because he could not run, or a blind man because he stumbled.”
—Albion Fellows Bacon (1865–1933)
“In other words, a democratic government is the only one in which those who vote for a tax can escape the obligation to pay it.”
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“Most of the money given by rich people in “charity” is made up of conscience money, “ransom,” political bribery, and bids for titles.... One buys moral credit by signing a cheque, which is easier than turning a prayer wheel.”
—George Bernard Shaw (1856–1950)