Child Tax Credit

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:

    The toddler’s wish to please ... is a powerful aid in helping the child to develop a social awareness and, eventually, a moral conscience. The child’s love for the parent is so strong that it causes him to change his behavior: to refrain from hitting and biting, to share toys with a peer, to become toilet trained. This wish for approval is the parent’s most reliable ally in the process of socializing the child.
    Alicia F. Lieberman (20th century)

    I come into the peace of wild things
    who do not tax their lives with forethought
    of grief.
    Wendell Berry (b. 1934)

    Bless my soul, Sir, will you Britons not credit that an American can be a gentleman, & have read the Waverly Novels, tho every digit may have been in the tar-bucket?
    Herman Melville (1819–1891)