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General & Off-Topic
General Vehicle Discussions
New Federal Luxury Tax
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<blockquote data-quote="harshadt" data-source="post: 288146" data-attributes="member: 6902"><p>If your car costs less than 100K before taxes but after all options then no luxury tax.</p><p>If over 100K then the lower of either 10% of the entire price, or 20% of the amount over 100K</p><p>Example: 98K= no luxury tax</p><p>120K then 4K in luxury tax (20,000 x .2) (other option is 120,000x .1= 12,000)</p><p>200K then 20K luxury tax (200,000x .10 or 100,000 x .20)</p><p>250K then 25K in luxury tax (250,000 x .10) (other option is 150,000 x .20= 30,000)</p><p>So, between 100-199K, then 20% luxury tax of amount over 100K applies</p><p>Over 200K the 10% of total amount applies</p><p>Hope this was clear. Also, the trade in value does not apply ie. if you have a 50K trade in, and your new car costs 150K, then you pay luxury tax on the 150K, and sales tax (hst or gst) on the 100K (150K minus trade in 50K) + luxury tax amount (10K), so hst is on 110K</p></blockquote><p></p>
[QUOTE="harshadt, post: 288146, member: 6902"] If your car costs less than 100K before taxes but after all options then no luxury tax. If over 100K then the lower of either 10% of the entire price, or 20% of the amount over 100K Example: 98K= no luxury tax 120K then 4K in luxury tax (20,000 x .2) (other option is 120,000x .1= 12,000) 200K then 20K luxury tax (200,000x .10 or 100,000 x .20) 250K then 25K in luxury tax (250,000 x .10) (other option is 150,000 x .20= 30,000) So, between 100-199K, then 20% luxury tax of amount over 100K applies Over 200K the 10% of total amount applies Hope this was clear. Also, the trade in value does not apply ie. if you have a 50K trade in, and your new car costs 150K, then you pay luxury tax on the 150K, and sales tax (hst or gst) on the 100K (150K minus trade in 50K) + luxury tax amount (10K), so hst is on 110K [/QUOTE]
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General & Off-Topic
General Vehicle Discussions
New Federal Luxury Tax
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