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:
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The cry of a child by the roadway, the creak of a lumbering cart,
The heavy steps of the ploughman, splashing the wintry mould,
Are wronging your image that blossoms a rose in the deeps of my heart.”
—William Butler Yeats (1865–1939)
“If you tax too high, the revenue will yield nothing.”
—Ralph Waldo Emerson (1803–1882)
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—Angela Carter (1940–1992)