Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

bracket creep

Read a random definition: intestate succession

A quick definition of bracket creep:

Bracket creep: When prices go up or people earn more money, they might end up paying more taxes. This is called bracket creep. It happens because the government sets different tax rates for different income levels. If someone's income goes up, they might move into a higher tax bracket and have to pay more taxes.

A more thorough explanation:

Definition: Bracket creep is a term used to describe the process by which inflation or increased income pushes individuals into higher tax brackets.

Example: Let's say you earn $50,000 per year and your tax rate is 20%. That means you pay $10,000 in taxes. However, if your income increases to $60,000 per year and your tax rate is still 20%, you now pay $12,000 in taxes. This is because you have been pushed into a higher tax bracket due to your increased income.

Explanation: Bracket creep occurs when inflation or increased income causes individuals to move into higher tax brackets. This means they pay a higher percentage of their income in taxes, even if their income hasn't increased significantly. In the example above, the individual's income only increased by $10,000, but they ended up paying $2,000 more in taxes due to bracket creep.

bracery | bracket system

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
BulbasaurNoLikeCardio
18:23
Ill just keep arguing for more money off until I get it or they end up paying me to take it lmao
18:24
what other guns ya got
are we losing hope for gtown lol
yeah i dont think gtown does A's this late unfortunately
18:25
it is like 630 on a friday there bud
18:25
think it is safe to say it aint happenin today\
damn it was a slow day today
BulbasaurNoLikeCardio
18:26
I got a custom built Leftie ar15 I run suppressed, a regular ar15, a .270 axis savage bolt gun, xd9, xd40 and have my AR10 I run suppressed.
BulbasaurNoLikeCardio
18:26
I do not think we will see a wave until after thanksgiving. Adcoms will be nice and not ruin someones thanksgiving with an R
18:28
ruin my thanksgiving law schools uwu
PerpetualCheerfulBeaver
18:53
I really thought a texas schools wave was going to hit today...guess it will be December 1
7Rings
19:00
No news is good news 😜
PerpetualCheerfulBeaver
19:10
the mentality im embracing
ClassyPleasantHeron
19:23
You will see some A waves next week, just before Thanksgiving. Schools like to give people things to talk about over the holidays.
19:26
my predict monday berk from earlier td
snow
19:33
Oregon decision rendered…
snow
19:33
Bro why don’t they just tell me lol
damn ive been under review for a month and no movement, when did u apply snow?
snow
19:39
The day apps opened. I still don’t know what the decision is tho lol
Dang. Crossing my fingers for you!!
snow
19:41
Thank you!!
shaquilleoatmeal
19:44
Snow dude wtf you been
snow
19:46
Working! I was prepping for a trial but it got reset!
snow
19:47
Have you don your gulc interview?
JumpySubsequentDolphin
19:47
@snow: snow!!!! I’m in Oregon should I break into admissions office and demand your decision be sent
shaquilleoatmeal
19:49
Better to be prepared than not, otherwise it always happens when you don’t prep
shaquilleoatmeal
19:50
Yea did it a week and half ago, told us we won’t hear anything until end of December if we’re lucky, most likely first week of jan
shaquilleoatmeal
19:50
Said no one works after Monday this week and no one works week of Christmas
shaquilleoatmeal
19:50
So holiday takes time away from app review
snow
19:54
True @shaq and do it jumpy!!
LSD+ is ad-free, with DMs, discounts, case briefs & more.