The reduction of the Child Tax Credit for taxpayers with modified adjusted gross income over the threshold is [tex]$50 for each $[/tex]1,000 (or a fraction thereof) over the threshold.
To explain this in detail:
1. When a taxpayer's modified adjusted gross income exceeds a certain threshold, the Child Tax Credit amount they are eligible to receive begins to reduce.
2. For every [tex]$1,000 (or part of a thousand dollars) that the taxpayer's income exceeds this threshold, the credit is reduced by $[/tex]50.
3. This means, for example, if the taxpayer's income exceeds the threshold by [tex]$1,200, the reduction in the credit amount will still be $[/tex]50 for the first [tex]$1,000 and another $[/tex]50 for the next part of the [tex]$1,000, totaling a $[/tex]100 reduction.
So, the correct answer is:
- [tex]$50 for each $[/tex]1,000 (or a fraction thereof) over the threshold.
