The powers that be really have no idea what they’re doing in regards to finances in football.
“Luxury Tax”? They do realise state run clubs could literally pay whatever fine/tax you impose on them, meanwhile the clubs on the lower rung have to spend themselves stupid to try and compete/stop their players getting pinched. Implementing this will just another step towards a closed shop EPL, and utter destruction for any side not run with a blank cheque.
Sporting sanctions are the only deterrent to insane expenditure.