Luxury-car tax gets Congressional airing
The House Ways and Means Committee opens hearings on gradual elimination of the automotive "luxury tax" by the year 2000. The Association of International Automakers (AIAM) says the tax, 10% of the sticker for vehicles costing $32,000 and up, originally targeted wealthy car buyers but has hit regular folks the hardest: Middle class employees in luxury-car dealerships, who've lost jobs because of slumping
August 1, 1995
The House Ways and Means Committee opens hearings on gradual elimination of the automotive "luxury tax" by the year 2000. The Association of International Automakers (AIAM) says the tax, 10% of the sticker for vehicles costing $32,000 and up, originally targeted wealthy car buyers but has hit regular folks the hardest: Middle class employees in luxury-car dealerships, who've lost jobs because of slumping sales.
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