YOU TALKED ABOUT A LUXURY TAX WHERE CAN I FIND DETAILS?
Starting January 1, 2022, a new tax will affect high-end products including automobiles, pleasure boats and private aircraft. The government said the tax will be a 10-percent fee on the total cost of the vehicle or a 20-percent fee on the amount exceeding $100,000, whichever amount is smaller. To me that is just the beginning. Actually, luxury taxes backfire, since people that can afford luxuries postpone purchases, people that work in the luxury sector get laid off and manufacturers sell fewer things.