Noun
luxury tax (plural luxury taxes)
Any tax on the sale of items not considered to be essential to a reasonable standard of living, either to increase revenue, or to discourage the use of certain articles.
All that stuff with the tabloids is a kind of luxury tax I pay for all the good things I do in my life. Ethan Hawke
Back then, the excise tax was designed to be a luxury tax for people who owned telephones. Mike Fitzpatrick
But baseball’s grand trick has been to convince everyone that its luxury tax is an onerous measure that few teams can afford. Source: Internet
ESPN's Adrian Wojnarowski and Royce Young reported in early July that the Thunder were looking to trade Anthony to help trim their overall salary cap and luxury tax situations. Source: Internet
The Heat could offer Wade the team’s $5.3 million taxpayer mid-level exception, but it’s ultimately up to owner Micky Arison to decide how far he’s willing to go into the luxury tax next season for a team not considered a serious title contender. Source: Internet
The contracts the Cubs sign them to should not be included in the luxury tax because the Cubs scouted them and developed them in their farm system. Source: Internet