luxury

luxury tax

Excise levy on goods or services considered to be luxuries rather than necessities (e.g., jewelry and perfume). Luxury taxes may be levied with the intent of taxing the rich or in a deliberate effort to alter consumption patterns, either for moral reasons or in times of national emergency. Today revenue productivity generally overshadows the moral argument.

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  • Luxure***, the current tense of luxury, to be occuring now.

Luxury can refer to several things:

  • Luxury good, an economic good for which demand increases more than proportionally as income rises; contrast with inferior good and normal good.
  • Luxury tax, a tax on products not considered essential, such as expensive cars
  • Luxury tax (sports), a surcharge put on the aggregate payroll of a sports team to the extent to which it exceeds a predetermined guideline level set by the league
  • Luxury vehicle, a relatively expensive automobile
  • Luxury yacht, a very expensive privately owned yacht which is professionally crewed
  • Luxury real estate, a niche real estate market dealing with the highest economic group of property buyers
  • Luxury resorts, which are very exclusive vacation facilities
  • Luxury box, a term for a special seating section in arenas, stadiums and other sports venues
  • Luxury magazine, a magazine devoted to fine craft and luxury goods.

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