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US Congress may re-establish the Luxury Tax

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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 After 3 years these taxes were repealed, though the luxury automobiles tax was still active for the next 13 years.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.

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  This page is archived, and is no longer publicly editable.
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.

Got a correction? Add the template {{editprotected}} to the talk page along with your corrections, and it will be brought to the attention of the administrators.

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.

The text of this article is licensed under the terms of the Creative Commons Attribution 2.5 License
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