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 ?
Recoveries were made in the shape of property, entertainment, motor registration, professional, luxury taxes and excise duties, in Gujranwala division's all six districts, Sialkot, Narowal, Gujrat, Mandi Bahaud Din, Hafizabad and Gujranwala.
5 million in luxury taxes over the next four years should the Nets acquire Howard, but that it won't curtail the organization from aggressively pursuing the All-Star center.
The OC has also sought a full waiver of 10 per cent luxury taxes levied on hotel rooms being used by participants during the preliminary events.
The welfare effect of luxury taxes has not yet been studied in the sports economic literature.
5, 6) These luxury taxes were reported on Form 8807, Certain Manufacturers and Retailers Excise Tax, now obsolete.
Of course, governments have tried without much success to restrict luxury spending through the use of sumptuary laws and luxury taxes (many of which were more aimed at reinforcing class distinctions than at reducing social waste) at least since the days of the Roman republic.
Luxury taxes require each club to pay a tax based on the size of its payroll.
President Bush's veto of HR 11, the Revenue Act of 1992, indicates that tax advisers should consider the continued applicability of the luxury taxes imposed by the Revenue Reconciliation Act of 1990.
According to the Service, luxury taxes should be reported on Form 720, "Quarterly Federal Excise Tax Return.