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https://www.investopedia.com/terms/l/luxury_tax.asp
A luxury tax is a sales or transfer tax imposed only on specific goods. The products taxed are considered non-essential or are affordable only to the wealthiest consumers. The mansion tax and sin...
http://archives.cpajournal.com/old/11583345.htm
Abstract- Controversy surrounds provisions of the luxury excise tax, which are contained in the Omnibus Budget Reconciliation Act of 1990. The controversy arises from ambiguities in the determination of tax liabilities for the automobile, boat, aircraft, jewelry, and fur industries.
https://www2.deloitte.com/content/dam/Deloitte/ng/Documents/tax/inside-tax/ng-luxury-tax-what-is-the-end-game.pdf
Luxury tax is a tax placed on goods considered expensive, unnecessary and non-essential. Such goods include expensive cars, private jets, yachts, jewellery, etc. Luxury tax is “an indirect tax that increases the price of a good or service and is only incurred by those who purchase or use the product”.
https://ward43.org/wp-content/uploads/2015/09/Luxury-Tax-vF.pdf
Revenue from a ‘luxury tax’ would vary significantly depending upon what items are taxed and the amount of the tax. Consideration would need to be given to the practicalities of such a tax – for items that range in price (jewelry, shoes, art), would only expensive versions be taxed? What price point would trigger the ‘luxury tax’?
https://www.am22tech.com/avoid-sales-tax-on-jewelry-usa/
Jun 11, 2020 · Avoid Sales Tax on Jewelry You can avoid paying the 6%+ sales tax if you are okay with getting the ornaments shipped to you out of state at your home or business address. Most state’s law says allow Jewelry shop to not collect sales tax on the out of state purchases.Estimated Reading Time: 3 mins
https://www.encyclopedia.com/reference/encyclopedias-almanacs-transcripts-and-maps/luxury-tax
luxury tax, levy on articles that are not essential to a normal standard of living. Such taxes may be imposed strictly for revenue purposes or they may be intended to discourage consumption of certain articles, e.g., the tax on French lawns and laces in the 18th cent. in England. In modern times such "conventional necessities" as alcohol, tobacco, jewelry, furs, amusements, private automobiles ...
https://www.pricescope.com/community/threads/luxury-tax-on-jewelry-proposed-ny-il.108606/
Feb 28, 2009 · In New York, the most recent state budget includes a luxury tax measure, and the state of Illinois has a specific piece of legislation drafted for the purpose of creating a luxury tax. If passed, both would add a 5 percent luxury tax on all jewelry and watch …Estimated Reading Time: 5 mins
https://www.pwc.com/ng/en/assets/pdf/tax-watch-march-2017-luxury%20-tax.pdf
For example, in the early nineties in the United States, when a 10% luxury tax was levied on fur, expensive jewelries, airplanes and cars worth $30,000 and above, there was a sharp decline in sales of such items. This caused problems for producers of these items and their retailers, so much so that the law enacting the luxury tax had to be repealed.
https://www.reference.com/world-view/california-s-luxury-tax-ed2687dd56f2368b
Apr 16, 2020 · The most recent luxury tax enacted in the United States was part of a bill signed by President George H. W. Bush at the end of 1991. Congress eliminated the tax two years later because it did not achieve its goal. When it was in place, the luxury tax affected the price of expensive items, such as luxury automobiles, yachts, jewelry, and furs.Estimated Reading Time: 50 secs
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