Just some info for all
No More Car Tax
January 2, 2003
Any time a tax is eliminated, celebration is in order. On January 1, 2003, the federal “luxury” tax on automobiles expired.
As CNSNews.com noted in an article earlier this week, the “luxury” tax originally was imposed in 1990 and applied to automobiles, yachts, private airplanes, fur coats and jewelry. In 1993, the tax was repealed on all items but for autos. Later, in 1996, a phase down of the “luxury” tax on automobiles was passed. The tax rate fell from 10% to 3% in 2002, and the threshold climbed from $30,000 to $40,000.
As of January 1, 2003, the “luxury” tax on automobiles came to an end. That’s good news for consumers (including small businesses), automakers and auto dealers.
Raymond J. Keating
Chief Economist
Small Business Survival Committee
No More Car Tax
January 2, 2003
Any time a tax is eliminated, celebration is in order. On January 1, 2003, the federal “luxury” tax on automobiles expired.
As CNSNews.com noted in an article earlier this week, the “luxury” tax originally was imposed in 1990 and applied to automobiles, yachts, private airplanes, fur coats and jewelry. In 1993, the tax was repealed on all items but for autos. Later, in 1996, a phase down of the “luxury” tax on automobiles was passed. The tax rate fell from 10% to 3% in 2002, and the threshold climbed from $30,000 to $40,000.
As of January 1, 2003, the “luxury” tax on automobiles came to an end. That’s good news for consumers (including small businesses), automakers and auto dealers.
Raymond J. Keating
Chief Economist
Small Business Survival Committee
