New York Decides Against Luxury Tax Proposal
It's looking like New York will follow fast on the heels of Illinois in deciding not to add a luxury tax for jewelry over $20,000. The American Watch Association sent an e-mail to members on Monday saying that while the New York State Legislature has agreed to tax increases to deal with a budget deficit, the luxury tax proposal is not part of it. The luxury tax would have also applied to aircraft costing more than $500,000, yachts over $200,000, cars that cost more than $60,000 and furs over $20,000.
But don't go spending yet, high earners in New York will be feeling an increased pinch. Income taxes were raised one percentage point to 7.85 percent for couples with income over $300,000 and couples with more than $500,000 in income will pay 8.97 percent. The three-year tax increase is expected to add $4 billion to the state coffers this year.
Reader Comments (Page 1 of 1)
Alex N Mar 30th 2009 10:02PM
While raising tax rates on luxury goods and high income earners may be a necessity in today’s economic climate, we must know that small businesses and high net worth tax payers are bear the largest tax burden – over taxing them will only result in money leaving our State.
Alex N
http://www.smallbusinessplanresources.com
CT A Mar 30th 2009 11:57PM
Raising the tax on luxury goods is actually BAD and is NOT a necessity in today's economy since it's the luxury maker who holds most of the tax burden.
If you're a consultant at the website you linked, your company may want to recheck your resume.
Chad Mar 31st 2009 2:13PM
What would you suggest? Raising the tax on everyone making less than $100,000/yr?
The rich get richer, hmm not by paying higher taxes? boohoo!
CT A Mar 31st 2009 6:07PM
You really are a twat.