(redirected from bracket creep)
Also found in: Dictionary, Thesaurus, Medical, Financial, Encyclopedia.
See: prowl
References in periodicals archive ?
Ben Phillips of the National Centre for Social and Economic Modelling, noted that bracket creep's complicated nature works to the government's favour, allowing treasurers not only to use it but also get away with it.
Those actions slowed down the kind of bracket creep that comes solely from lamentably high inflation, but it did not eliminate the other kind, which comes as a result of the laudable process of people's incomes rising faster than inflation.
In other publications, we address the problem of bracket creep by
Moreover, most states do not index tax brackets for inflation as the Federal government does, thus subjecting state taxpayers to bracket creep.
We're already starting to experience a unique version of "bracket creep" in which companies and organizations that are exempt from these provisions are VOLUNTARILY electing to impose the restrictions.
For example, he explained that the across-the-board reductions of marginal tax rates and the indexing of the tax code in 1981 were mainly a response to the inflation-induced "bracket creep" of the 1970s, which pushed federal tax receipts as a percentage of GDP to very high levels.
These relationships are complex, and until we have detailed tabulations compiled from actual tax returns, we shall not really know why individual tax revenues, relative to income, have been even higher than would have been predicted from rising asset values and bracket creep. Thus, we cannot rule out the possibility that this so-called tax surprise, which has figured so prominently in the improved budget picture of recent years, will dissipate or reverse.
* End real bracket creep. "Bracket creep" became a household term in the 1970s, when galloping inflation was pushing people into higher income-tax brackets.
This good news has a downside when the income-tax effect is considered by the ultimate beneficiary(s): the final distribution can result in bracket creep, which can work against the previous investment gains.
Nonetheless, says Wilson, "numbers that were based on one researcher's best guess have achieved the status of unassailable truth simply by being run through several spin cycles until they were adopted without attribution by many reporters." He also found in the course of his investigation a phenomenon he calls "unattributed-numbers bracket creep." As examples, Wilson cites a Nov.
Inflation led to "bracket creep" in the 1970s before most of the tax code was indexed for inflation.