Luxury Tax for timeshares?
You are being scammed, there is no such thing as luxury tax on timeshare sales. Do not continue to do business with this company!
Here is the history of the luxury tax, its been completely repealed since 2006!
In November 1991, The United States Congress enacted a luxury tax and was signed by the former President George H.W. Bush. The goal of the tax was to generate additional revenues to reduce the federal budget deficit. This tax was levied on material goods such as watches, expensive furs, boats, yachts, private jet planes, jewelry and expensive cars. Congress enacted a 10 percent luxury surcharge tax on boats over $100,000, cars over $30,000, aircraft over $250,000, and furs and jewelry over $10,000. The federal government estimated that it would raise $9 billion in excess revenues over the following five-year period. However, only two years after its imposition, in August 1993, the Congress decided to eliminate the “luxury tax” since it did not achieve its main objective. The tax revenues generated were disappointing and unsatisfactory for the Congress and it also negatively impacted the incomes of the sellers of the luxury items. Although the luxury automobiles tax was still active for the next 13 years.
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