“I’m sorry, honey, I’d like to buy you the Mercedes to match your ruby bracelet-but that 10 percent tax increase is just a killer.”

The likelihood of such a conversation is slim. But luxury merchandise merchants across the country are claiming similar scenarios will in fact happen if a luxury tax goes into effect next year. The government proposed the 10 percent tax on high-cost merchandise that only the rich can afford as part of a $500 billion deficit reduction agreement.

A 10 percent tax on luxury goods is not going to send wealthy consumers coupon clipping or stop them from buying the expensive items.

Merchants also claim the tax is unfair and should be spread out evenly through all the social classes.

“Why single out luxury dealers, who have suffered in the last 10 years-especially in Texas?” one merchant asked.

owever, one wealthy consumer said he doesn’t really mind the tax and apparently would not alter his spending habits.

“I don’t like it, but I think it’s fair,” he said.

Considering the wealthy have been exempt from many taxes since Ronald Regan and the less than financially stable have had to foot the bill, it is more than fair.

It’s about time the folks with the greenbacks had to tighten their diamond-studded belts.