In the early 1990s, the U.S. Congress enacted a new law that taxed “luxury” items 10 percent. This was a big deal, since automobiles priced more than $30,000, boats more than $100,000, jewelry more than $10,000 and aircraft priced more than $250,000 were all targeted in the effort to enrich the government coffers.
So, why would you think this is a bad idea? Heck, when your talking about the people who are actually buying these luxury items, they certainly wouldn’t mind paying a bit more for these items would they? They are rich ya know, they can afford it. Tell that to the employees that were actually making these boats in Florida or selling these cars in New York. Read more