Current Events — HabitableZone

Current Events » in reply to Re: Please don't be so unfair to Tom

Luxury taxes
Larry J — (archived)

They sure worked really well when they were last tried, didn't they. They passed taxes on expensive cars, airplanes, and boats. Guess what, fewer expensive cars, airplanes, and boats were sold. A lot of people who made a living building those expensive cars, boats, and airplanes lost their jobs. That sure showed the fat cats, didn't it?

And, as is almost always the case, those luxury taxes weren't indexed for inflation. They began at $30,000 for cars. That was an extremely expensive car back in the 1980s. It's a mid-range minivan today. Not to worry, the "fat cats" will still get creamed when they go to buy tags for their cars. At least here in Colorado, the tag price is proportional to the vehicle value and we get to pay this "use tax" every year.

It's just like the Alternative Minimum Tax that was passed because a couple hundred millionares managed to use the legal loopholes and avoid paying any income taxes years ago. Now, the AMT is hitting millions of middle class workers because it wasn't indexed to inflation. This has been the trend for so many "soak the rich" taxes over the years. Very soon, they end up soaking everyone.

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