New York Gov. Proposes Tax on Luxury Jewelry
By JCK Online Staff -- JCK Online, December 18, 2008
New York Gov. David Paterson on Tuesday proposed a sales tax on luxuries items, including jewelry.
Under the proposal, those purchasing jewelry in excess of $20,000 would pay a 5 percent sales tax, according to media reports.
The tax would also be imposed on aircraft costing more than $500,000, yachts costing at least $200,000, cars costing more than $60,000, and furs costing more than $20,000.
The tax proposal is part of the governor’s 2009-10 budget of $121.1 billion proposal, which includes proposed taxes on items ranging from digital downloads to soft drinks to help balance an estimated $15.4 billion deficit for the balance of the fiscal year that ends on March 31, and the next fiscal year, according to media reports.
Talkback
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What a visionary ! A whole new growth industry will develop in black marketing of jewellery in...
Boris Ripuoffov - 2008-22-12 05:36:00 EST -
Gee, Gov. Patterson, nothing like biting the hand of an industry that brings how many jobs to...
Hedda Schupak - 2008-18-12 15:49:00 EST
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