US Congress may re-establish the Luxury Tax

Monday, December 11, 2006

There are suppositions that the US Democratic Congress may re-establish the luxury taxes, which were already once introduced in the 1990s. The suppositions resulted in the National Association of Watch and Clock Collectors commissioning a report on various tax issues.

Material goods such as jewelry, watches, expensive furs, jet planes, boats, yachts, and luxury cars had already been subjected to additional taxes back in 1990. After 3 years these taxes were repealed, though the luxury automobiles tax was still active for the next 13 years.

Rodderick A. DeArment, a representative of law firm and lobbyist Covington and Burling, guided the report. The report outlined the fact that, in 1993, the Congress did not collect as much money from the luxury taxes as it had predicted. It also stated that although its ravaging effect on employment in several industries was sensible, "the turnover that occurred in Congress made it possible for the new group to learn the same lessons again".

The luxury tax could produce unpredictable effects for the watch industry and the report was meant to inform the members of this branch about the effects of these taxes on this luxury goods' industry.

Sources

"US Congress could reinstate luxury tax" — Europastar, December 11, 2006
"Luxury Tax Re-Implementation" — 2002Watch, December 11, 2006
"Report: Congress could reinstate luxury tax" — NationalJeweler, November 30, 2006

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Articles presented on Wikinews reflect the specific time at which they were written and published, and do not attempt to encompass events or knowledge which occur or become known after their publication.

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Please note that due to our archival policy, we will not alter or update the content of articles that are archived, but will only accept requests to make grammatical and formatting corrections.

Note that some listed sources or external links may no longer be available online due to age.