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Glossary   >   L   >   "Luxury tax" Definition            Luxury tax A tax on goods considered to be luxury items. In the US in the early 1990s, a 10% luxury tax was imposed on all cars selling for $30,000 or more, airplanes, boats, furs and expensive jewellery. That particular tax was repealed in the Revenue Reconciliation Act of 1993. Glossary    Dictionary Search (powered by Google) WWW ITLOCUS.COM GLOSSARY.ITLOCUS.COM Translate a web page (powered by Google)      to German Spanish French Italian Portuguese Japanese Korean Chinese

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Luxury tax - A tax on goods considered to be luxury items. In the US in the early 1990s, a 10% luxury tax was imposed on all cars selling for $30,000 or more, airplanes, boats, furs and expensive jewellery. That particular tax was repealed in the Revenue Reconciliation Act of 1993.