luxury tax
Tariff on extravagance
A luxury tax is a tax levied on expensive, non-essential goods or services—things like yachts, jewelry, or high-end cars.
The rationale is that those who can afford luxuries can afford to pay more.
In professional sports, a luxury tax penalizes teams whose player payrolls exceed a set threshold: The Yankees paid millions in luxury tax last season.
Compulsory government charge
assessment · imposition · import duty · customs duty · threshold · bracket · revenue · fiscal policy
Large pleasure vessel
- private jetPersonally owned aircraft
- jewelryOrnamental personal accessories
- supercarHigh-performance luxury automobile
- fur coatOuterwear made from animal hides
designer handbag · Rolex · Ferrari · Lamborghini · caviar · champagne · couture · penthouse
Abundance of money
- eliteSuperior select group
- oligarchyRule by few
- plutocracyRule by the rich
- aristocracyRule by hereditary elite
tycoon · billionaire · millionaire · inheritance · trust fund · old money · new money · high net worth
Maximum team player spending
- competitive balanceEquality among rivals
- payrollStaff wages collectively
- NBATop-tier American court league
- MLBPro baseball organization
Yankees · soft cap · hard cap · franchise · free agency · roster · contract · draft pick
Sharing out again differently
- progressivityRate increase with income
- fairnessJust and equal treatment
- inequalityUnequal distribution of resources
- social policyGovernment approach to welfare
wealth gap · reform · populism · austerity · exemption · controversy · economic justice · class
levy
Compulsory government charge
excise · assessment · imposition · import duty · customs duty · threshold · bracket · revenue · fiscal policy · collection
yacht
Large pleasure vessel
- private jetPersonally owned aircraft
- jewelryOrnamental personal accessories
- supercarHigh-performance luxury automobile
fur coat · designer handbag · Rolex · Ferrari · Lamborghini · caviar · champagne · couture · penthouse · villa
affluence
Abundance of money
- eliteSuperior select group
- oligarchyRule by few
- plutocracyRule by the rich
aristocracy · tycoon · billionaire · millionaire · inheritance · trust fund · old money · new money · high net worth · privilege
salary cap
Maximum team player spending
- competitive balanceEquality among rivals
- payrollStaff wages collectively
- NBATop-tier American court league
MLB · Yankees · soft cap · hard cap · franchise · free agency · roster · contract · draft pick · penalty
redistribution
Sharing out again differently
- progressivityRate increase with income
- fairnessJust and equal treatment
- inequalityUnequal distribution of resources
social policy · wealth gap · reform · populism · austerity · exemption · controversy · economic justice · class · egalitarianism
- taxationVAT, withholding, deductions, deduction, taxpayers
- US TaxationIRS, federal taxes, withholding, deductions, income brackets
- government revenuecustoms duties, fees, tolls, fines, lottery revenue
- Indirect TaxesVAT, customs duty, import duty, excise taxes, tariff
- commodity taxesimport duty, customs duty, export duty, import duties, import tariffs
- taxestaxes, withholding, VAT, GST, federal taxes
luxury taxregressive tax
Levy hitting poor hardest
poll tax · head tax · flat tax · sales tax · consumption tax
luxury taxsubsidy
Financial assistance from government
tax exemption · tax break · tax credit · tax rebate · tax incentive
tax, luxury, taxing, luxurious, deluxe, taxation, luxuriate, taxable, untaxed