luxury tax

Definitions

1. 1

   Any tax on the sale of items not considered to be essential to a reasonable standard of…

   Any tax on the sale of items not considered to be essential to a reasonable standard of living, for the purpose of increasing revenue, discouraging the use of certain articles, or both.

   • He has suggested raising “sin taxes” on cigarettes, liquor and arcade games to pay for the 24-percent teacher pay raise he supports.
   • Another form of consumption tax that some foresee is a “sin tax”, which would come in the form of higher excise taxes on alcohol and tobacco.
   • The sin tax is an established tactic. In the early 1500s, Pope Leo X underwrote his lavish lifestyle in part by taxing licensed prostitutes.

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