bracket creep (1 Viewer)

[bubblemachine]

hey so i was wondering what are some strategies used to eliminate bracket creep?

 

[ninetypercent]

raising tax thresholds

 

[Toranilor]

raising tax thresholds

this

Alternately, a consumtion oriented as opposed to income oriented taxation system could reduce bracket creep, but raises a whole lot of other equality problems.

 

[bouncing]

what is bracket creep? which topic do we learn this in :\

 

[Toranilor]

what is bracket creep? which topic do we learn this in :\

Bracket Creep is a taxation flaw where, due to inflation and other factors, the average income of a citizen increases, while the the brackets for income tax remain contstant. This means that there are more people (proportionately) in the higher tax brackets than were years ago, causing them to pay more in income taxes they 'creep up' the brackets.

 

[bouncing]

oh i see!
makes sense
thanks

 

[1titanic]

woah... I haven't learnt that yet
what topic is this in?

 

[Toranilor]

I learned it in year eleven, but I think it might be in the Equality section of economic issues.

 

[random-1005]

woah... I haven't learnt that yet
what topic is this in?

dont worry, its not in sylabbus

 

[1titanic]

dont worry, its not in sylabbus

really? ok then thanks

 

[random-1005]

really? ok then thanks

just another economic term that someone has put 5 seconds of thought into, i will bet my life it will never be in an hsc

 

[1titanic]

it better not be in the hsc but maybe I should know some basic information about it just in case but the thing is that my teacher haven't teached about bracket creep

 

[random-1005]

it better not be in the hsc but maybe I should know some basic information about it just in case but the thing is that my teacher haven't teached about bracket creep

lol, hsc economics doesnt even have personal income tax and the name sounds like some weird medical condition, some nobody teacher from a shit school made it up , economists never use that term

 

[1titanic]

lol, hsc economics doesnt even have personal income tax and the name sounds like some weird medical condition, some nobody teacher from a shit school made it up , economists never use that term

hahahs you're funny but some of the above post explained it is about inflation etc...

 

[Deathless]

@ bouncing

I think bracket creep isn't a term you need to know for HSC economics multiple choice or short answer, but it's a useful term to keep handy for a HSC economics essay