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LSDefine

Simple English definitions for legal terms

bracket system

Read a random definition: stand adjourned

A quick definition of bracket system:

A bracket system is a way of collecting sales tax based on the price of an item. It helps to avoid collecting a tax less than one cent and allows the seller to easily determine the amount of tax to be collected. This system can be set up by law or regulation.

A more thorough explanation:

A bracket system is a method used in tax law to collect sales tax based on a graduated payment system. This means that the amount of tax collected depends on the purchase price of the item being sold. The purpose of this system is to:

  1. Avoid collecting a tax less than one cent
  2. Avoid the state having to calculate the exact amount of tax on each sale
  3. Allow the seller to easily determine the amount of tax to be collected
  4. Ensure that the state collects the appropriate amount of tax

For example, let's say a state has a sales tax rate of 6%. Under a bracket system, if someone purchases an item for $10, they may only have to pay 60 cents in sales tax. However, if someone purchases an item for $100, they may have to pay $6 in sales tax.

The bracket system is often used to simplify the tax collection process and ensure that the appropriate amount of tax is collected without burdening the seller or the state with excessive calculations.

bracket creep | Bracton

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babycat
16:37
I'm guessing you don't have a sibling named babycat but I hope I still make you marginally happier than normal despite this
JumpySubsequentDolphin
16:38
maybe he has a babycat
babycat
16:38
I think everyone should have a babycat
JumpySubsequentDolphin
16:39
im allergic to baby cats >:(
JumpySubsequentDolphin
16:40
I used to have a babycat, I only got allergies after he died
JumpySubsequentDolphin
16:40
I think he’s haunting me
babycat
16:40
:(
babycat
16:40
that's too bad
babycat
16:40
you still have me though <3
@babycat: you make my day marginally happier with your scathing wit
16:43
New Father John Misty album out today
16:44
People saying it’s his best yet by far
babycat
16:45
what would I do without you renard99
awww ty wasp :)
i have 4 (baby) cats!
16:46
Damn you know her sarcasm is meant to be scathing when she calls me by my full username and not just Renard
JumpySubsequentDolphin
16:47
@jackfrost11770: FOUR?!??
16:48
I’m only teasing Babycat ily I’ll be seeing you in [REDACTED] very very soon
YES
and they're all rescues from breeders so they're all long haired persians .... w flat faces ....
they're all runts cause breeders just ... dispose of them (:(((() so they're all super tiny
literal babies
babycat
16:49
ily2 renard99
initiallaw
16:49
omg so cute
JumpySubsequentDolphin
16:51
@jackfrost11770: IM SO JEALOUS
2big2fail
16:52
perhaps peggerdine this evening
2big2fail
16:52
but then again, perhaps not
JumpySubsequentDolphin
16:53
damn no ucla wave
16:56
Hey guys! chance me 340/340GRE- 2 years work experience at PIL and wrote compelling statements. but my masters gpa is kinda 3.1 because I was domestically abused. :p
babycat
16:59
schools mostly care about your undergrad GPA
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