In this episode, we first travel 2,000 years to the Roman Empire to see how they taxed luxury goods. Then we travel to the United States of the 90s to see how the Luxury Tax, approved by Congress in 1990, backfired. After that, we will check on how things are going in Canada, just two weeks ago, to see how we learn nothing from past mistakes. And finally, we will go back to the Roman Empire. All of this while trying to understand fundamental economic concepts such as direct and indirect taxes, progressive and regressive taxation, elastic and inelastic supply and demand, and tax incidence. Tax incidence is the key concept for today's episode.
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