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Luxury Tax

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Governor Paterson has suggested "an additional sales tax of 5 percent on luxury goods such as jewelry and furs costing over $20,000 as one of 181 tax increase proposals in order to balance the state’s 2009-10 budget deficit. The Governor also is proposing the elimination of the sales tax exemption on clothing and footwear priced under $110, but would replace it with two, one week exemption periods on clothing and footwear priced under $500." [WWD, subscription req]