The levy has been labeled the Robin Hood tax by one economist because it helps transfer money from the rich to the poor. Not everyone sees it that way, however. A rare chorus of blue-chip retailers and blue-collar workers denounces it as a disaster tax. At issue is the six-month-old "luxury tax" that Congress adopted last year as part of a comprehensive deficit-reduction plan. The new 10% excise tax was tacked onto such goods as pleasure boats, private airplanes, jewelry and fur. While the tax bite is not particularly severe -- a minuscule $25 million is expected to be raised in...
To continue reading:
or
Log-In
