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:
“Childhood is not from birth to a certain age and at a certain age.
The child is grown, and puts away childish things.
Childhood is the kingdom where nobody dies.
Nobody that matters, that is.”
—Edna St. Vincent Millay (1892–1950)
“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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—Franz Grillparzer (1791–1872)