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Tax Policy and Administration: Luxury Excise Tax Issues and Estimated Effects

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Report Type Reports and Testimonies
Report Date Feb. 26, 1992
Report No. GGD-92-9
Subject
Summary:

Beginning in 1991, a new excise tax was imposed on the sale of certain luxury items, including boats, cars, aircraft, jewelry, and furs. Diverse factors have influenced both supply and demand for these five luxury products, and GAO could not untangle the effect of the variables. For instance, the recession probably harmed sales of all five items. Car sales, in particular, were probably affected by an increase in the gas guzzler tax, while plane sales fell during the 1980s as a result of product liability costs. This report examines in detail the effect of the tax on all five luxury product markets and provides information on anticipated tax revenues, the Internal Revenue Service's actual collections, and the costs and issues associated with administering the tax. GAO also discusses other products that have been taxed in the past as luxury items in the United States and abroad.

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