Luxury tax hits Chinese buyers in US
New luxury tax hit Chinese buyers at a record pace in the US, according to a new study.
The average tax burden for luxury goods sold in the U.S. increased from $5,814 to $7,921, according a report from research firm Kantar Worldpanel ComTech released Tuesday.
That’s an increase of 4.4 percent, or about $5.5 billion, in just one year.
The study, released at the end of September, was based on data from data provided by retailers, government officials and analysts.
The report is based on the most recent data available and excludes sales made in China.
The Tax Policy Center, a nonprofit research group, estimated that the tax burden on Chinese consumers was about $7.2 billion.
In 2016, it estimated that there was a tax burden of about $8 billion.
The report was based off of information from the U,S.
Commerce Department, which collects and analyzes data on tax collections and compliance.
The government has previously estimated that China is responsible for about $13.5 trillion in annual sales.
The tax is one of a series of measures in President Donald Trump’s proposed tax reform package, which includes a 25 percent corporate tax rate.
It also calls for a border adjustment tax, which would apply to foreign earnings earned overseas, and a new sales tax on imported goods.
The U.s. already has the highest corporate tax in the world, at 33.6 percent.
It has also one of the highest sales taxes in the developed world.
In 2018, China’s corporate tax was higher than the average for the top 50 economies in the G20 group of nations.