What does luxury tax mean?
Definitions for luxury tax
lux·u·ry tax
This dictionary definitions page includes all the possible meanings, example usage and translations of the word luxury tax.
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Wiktionary
luxury taxnoun
Any tax on the sale of items not considered to be essential to a reasonable standard of living; either to increase revenue, or to discourage the use of certain articles.
Wikidata
Luxury tax
A luxury tax is a tax on luxury goods: products not considered essential. A luxury tax may be modeled after a sales tax or VAT, charged as a percentage on all items of particular classes, except that it mainly affects the wealthy because the wealthy are the most likely to buy luxuries such as expensive cars, jewelry, etc. It may also be applied only to purchases over a certain amount; for instance, some U.S. states charge luxury tax on real estate transactions over a limit. A luxury good may be a Veblen good, which is a type of good for which demand increases as price increases. Therefore the effect of a luxury tax may be to increase demand for certain luxury goods. In general, however, since a luxury good has a high income elasticity of demand by definition, both the income effect and substitution effect will decrease demand sharply as the tax rises.
Numerology
Chaldean Numerology
The numerical value of luxury tax in Chaldean Numerology is: 6
Pythagorean Numerology
The numerical value of luxury tax in Pythagorean Numerology is: 4
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"luxury tax." Definitions.net. STANDS4 LLC, 2024. Web. 30 Apr. 2024. <https://www.definitions.net/definition/luxury+tax>.
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