luxury tax


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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, and candy have been taxed. In the United States, luxury taxes have been levied frequently, especially in wartime, to raise revenue as well as to discourage the flow of essential resources into the production of items not related to the national effort.
References in periodicals archive ?
The Luxury Tax -- The Competitive Balance Tax (CBT), or as it's commonly known as the Luxury Tax that has been part of MLB, stopped at the end of the season.
1 trillion last year but the volume will plunge this year, due to the effect of the luxury tax.
The government already agreed to forgo nearly Rs 30 crore it hoped to earn through luxury tax from hotel rooms where participants will stay during the Games.
We understand from a business standpoint there's a huge economic incentive with the luxury tax savings,'' Grant's agent, Mark Bartelstein, said Tuesday.
Although it doesn't affect your federal tax return, the three percent luxury tax on new vehicles -- cars over $40,000 -- will go away in 2003.
option=com_content&view=article&id=4971&Itemid=194) to show the Luxury Tax collected during a different model that was part of the 1997-'99 system.
The Ministry of Finance (MOF) said that upscale cars imported on the first effective day of the luxury tax will not be subject to the extra 10% tax on dutiable prices, and that the customs will levy the luxury tax.
The demand came two days after the state cabinet waived off for all Commonwealth Games delegates a 10 percent luxury tax it charges on every hotel room.
You will avoid the luxury tax there is no luxury tax on cars next year.
Taipei, April 6, 2011 (CENS)--President Ma Ying-jeou gave his personal endorsement of the luxury tax on housing speculation yesterday (April 5), saying high housing prices benefit speculators at the expense of buyers for own residence, at odds with the principle of fairness and justice.
Major League Baseball, through its soft cap known as the Competitive Balance Tax (CBT) or as it's more commonly known as the Luxury Tax hit the Yankees for a bill of $18,029,654 while the Red Sox saw far less in penalties paying out $1,487,149.
The amnesty provision gives teams the one-time opportunity to release a player and avoid paying the dollar-for-dollar luxury tax penalty against his salary.