Luxury Tax

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Luxury Tax

A tax on a good or service that is not considered essential. Luxury taxes may be levied, for example, on sail boats or gold watches. Luxury taxes primarily impact wealthy persons, but are otherwise structured like a sales tax or a VAT. That is, a luxury tax is a percentage of the value (or the added value) of the good or service being sold.
References in periodicals archive ?
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.
From the comfort of his second-level luxury suite, Jerry Buss gazed down on a three-ring (championship) circus, smiled and admitted that, yes, parting with a few million in luxury taxes won't be such a painful thing.
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.
Originally intended to tax the purchases of high-income individuals, Congress enacted luxury taxes in 1990 on a range of products, including automobiles, boats, airplanes, jewelry and furs.
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.
California owners are eligible for one-time rebates of up to $5,000 from their local air quality management districts, enjoy free parking in some of the most heavily trafficked areas of the state, drive in carpool lanes with a lone occupant, and are exempt from some excise and luxury taxes.
But hey, this is the NBA, so some esoteric issue like luxury taxes can't be the only reason there were no trades.