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 ?
Other than the luxury tax, imported vehicles in Punjab are also liable for four types of taxes, including registration fees, income tax, withholding tax and token tax.
With payrolls above the $206 million luxury tax threshold, both the Red Sox and Cubs shied away from pursuing the top players on the market.
Tanking and the luxury tax are among the targets of the union.
With George opting to stay as well, the Thunder face an epic $310 million payroll, which league sources told ESPN in the report would dictate the Thunder trade, buy out or stretch Anthony's contract impact under NBA salary cap rules -- the latter move trimming $107 million off next season's salary and luxury tax total.
So while diving into the magnitude of the numbers in George's soon-to-be-official deal with the Oklahoma City Thunder - four years at an average of $34 million a season, a contract that sure seems like it will help push the OKC payroll and luxury tax bills for next season alone to perhaps well over $200 million - there was one number that seems to have mattered most.
The Punjab government had already imposed luxury tax on the properties in the posh areas at the ratio of Rs504,000 on 2,000 square feet property, Rs10,4000 luxury tax on 4,000 square feet property and Rs1.5 million life time luxury tax on the property more than the 4,000 square feet.
New York: Fitch Ratings has affirmed approximately $229 million of Casino Reinvestment Development Authority, New Jersey (CRDA) luxury tax revenue bonds at 'BBB+'.
A new vision was requested to be adopted by Ministry of Industry to reform the work of auto-assembly plants, taking into account the guiding prices of customs, first registration fees, luxury tax, and the advantages of working in one or three halls for this industry.
'If we are taxing our people, our poor people through an excise tax increase in the prices of fuel, why can we not impose a 20-percent luxury tax or vanity tax for procedures, which will serve no purpose except for the aesthetic appeal?
The release of the so-called "Paradise Papers" has unveiled a trove of hidden information about the offshore financial dealings of high-profile personalities and the extent to which they are willing to go to avoid income and luxury tax payments in their own countries.
The department of excise, entertainment and luxury tax has issued instructions to hotels and restaurants in the city to display at the appropriate place in their premises that service charges are discretionary and voluntary.
Cavaliers take hefty tax hit The champion Cleveland Cavaliers will pay a league-high $54 million luxury tax for last season for going over salary cap limits on their title-team payroll, ESPN said Sunday.