luxury tax

luxury tax definition - finance
A tax assessed on expensive, non-essential goods that primarily affects wealthy people. A luxury tax in the United States on automobiles expired in January 2003. It was repealed in the Taxpayer Relief Act of 1997 and had been decreasing by one percentage point each year since then.

Webster's New World Finance and Investment Dictionary Copyright © 2003 by Wiley Publishing, Inc., Indianapolis, Indiana.
Used by arrangement with John Wiley & Sons, Inc.

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