You can adjust them through your Domestic Advisor screen, which will tell you the effects on your finances and your research.
To the best of my knowledge you have to guess at the overall effect of a certain increase in luxury spending... I don't use the luxury slider often enough to have a good feel for it. I usually build lots of happiness improvements (I always like getting the culture anyway) and trade for or seize luxury goods.
To elaborate... Thay determined the percentage of your money devoted to Income, Research and Entertainment. At 6.2.2, 20% of your gross income is being spent on research, 20% on entertainment and 60% is your net income.
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