Governor Proposes 3 Percent Jewelry Tax in Conneticut

Connecticut Governor Dannel Malloy has proposed taxing jewelry over $5,000 a 3% special jewelry tax. The tax is being called a luxury tax and will be applied to boats over $100,000, clothing over $1,000, and automobiles over $50,000. In 2009 New York and Illinois both tried similar taxes and were unsuccessful. This extra tax may have some soon to be newlyweds rethinking the amount they will want to spend when purchasing an engagement ring since this $5,000 limit is easily met when trying to buy what some think to be a standard ring today.

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