US Congress may re-establish the Luxury Tax
{{date|December 11, 2006}}

There are suppositions that the [[US]] [[US Congress|Democratic Congress]] may re-establish the [[w:luxury tax|luxury tax]]es, which were already once introduced in the 1990s.  The suppositions resulted in the [[w:National Association of Watch and Clock Collectors|National Association of Watch and Clock Collectors]] commissioning a report on various tax issues. 

Material goods such as jewelry, watches, expensive furs, jet planes, boats, yachts, and luxury cars had already been subjected to additional taxes back in 1990. After 3 years these taxes were repealed, though the luxury automobiles tax was still active for the next 13 years. 

Rodderick A. DeArment, a representative of law firm and lobbyist [[w:Covington and Burling|Covington and Burling]], guided the report.  The report outlined the fact that, in 1993, the Congress did not collect as much money from the luxury taxes as it had predicted.  It also stated that although its ravaging effect on employment in several industries was sensible, "the turnover that occurred in Congress made it possible for the new group to learn the same lessons again".

The luxury tax could produce unpredictable effects for the watch industry and the report was meant to inform the members of this branch about the effects of these taxes on this luxury goods' industry.

==Sources==
*{{source|url=http://www.europastar.com/europastar/headlines/article_display.jsp?vnu_content_id=1003495377|title=US Congress could reinstate luxury tax|author=|pub=Europastar|date=December 11, 2006}}
*{{source|url=http://www.2002watch.com/news/uscongress.html|title=Luxury Tax Re-Implementation|author=|pub=2002Watch|date=December 11, 2006}}
*{{source|url=http://www.nationaljewelernetwork.com/njn/search/article_display.jsp?vnu_content_id=1003466510|title=Report: Congress could reinstate luxury tax|author=|pub=NationalJeweler|date=November 30, 2006}}

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[[Category:United States]]
[[Category:North America]]
[[Category:Politics and conflicts]]
[[Category:Economy and business]]
[[Category:US Congress]]
[[Category:Democratic Party (United States)]]
There are suppositions that the US Democratic Congress may re-establish the luxury taxes, which were already once introduced in the 1990s.  The suppositions resulted in the National Association of Watch and Clock Collectors commissioning a report on various tax issues. 

Material goods such as jewelry, watches, expensive furs, jet planes, boats, yachts, and luxury cars had already been subjected to additional taxes back in 1990. After 3 years these taxes were repealed, though the luxury automobiles tax was still active for the next 13 years. 

Rodderick A. DeArment, a representative of law firm and lobbyist Covington and Burling, guided the report.  The report outlined the fact that, in 1993, the Congress did not collect as much money from the luxury taxes as it had predicted.  It also stated that although its ravaging effect on employment in several industries was sensible, "the turnover that occurred in Congress made it possible for the new group to learn the same lessons again".

The luxury tax could produce unpredictable effects for the watch industry and the report was meant to inform the members of this branch about the effects of these taxes on this luxury goods' industry.
United States North America Politics and conflicts Economy and business US Congress Democratic Party (United States)