New York State Proposes Luxury Tax

New York State Proposes Luxury Tax

Wednesday, December 17, 2008 by Wendy Lam

Photography: Galactic Dreams

UGH, I hate the title already! As if we don’t pay enough taxes, according to WWD “Gov. David A. Paterson on Tuesday proposed an additional 5 percent sales tax on luxury goods, such as jewelry and furs costing more than $20,000, as one of scores of tax and fee boosts intended to close a widening gap in New York’s budget. Although it doesn’t really apply to me at the moment, I’m still not liking the idea.

The reason for this hike is due to the recession and the collapse of revenues from Wall Street, “Paterson is seeking to eliminate the sales tax exemption on clothing and footwear priced less than $110, but he would replace it with two one-week exemption periods on clothing and footwear purchases of less than $500.” Doesn’t sound good already, “Paterson’s $121.1 billion budget plan would impose higher taxes on everything from personal services such as beauty, barber, manicure/pedicure and massage to beer and wine.” Hope this doesn’t pass!


Categories: shopping


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