Luxury Yacht Jobs
Do taxes have unintended consequences?
The 1990 Congressional Budget slapped a luxury tax on yachts to get more money from the wealthy. Result? People bought fewer boats. In its first year and a half, the yacht tax raised a pathetic $12,655,000 for the Treasury – enough to run the Agriculture Department for a little over two hours. Meanwhile, the tax contributed to the general devastation of the boating industry. It was estimated that 25,000 to 30,000 mostly blue-collar jobs were lost.
http://query.nytimes.com/gst/fullpage.html?res=9F0CE7D81731F935A2575BC0A965958260
http://findarticles.com/p/articles/mi_m1571/is_n34_v9/ai_14466811
Pat M – Sorry to break it to you but it was the Carter Administration and a Democratic Congress that enacted the yacht tax.
http://hubpages.com/hub/Problems-with-Taxing-the-Rich
Success in America will not go unpunished
When you tax an activity, you deter that activity.
Liberals don’t seem to get that.
CLARIS_2010_part_2.flv
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