Bob Noel wrote:
In article ,
(C Kingsbury) wrote:


Meanwhile the
notion of a luxury tax, tried under Bush I, was so thoroughly
discredited by experience that it likely won't be heard from for
another generation. It devastated the boatbuilding industry so badly
even the big lefties had to admit it was a dumb idea.


really? Somehow I missed the big lefties admitting that. Do you
have a source for that? I'm not challenging you, I'd just like
to see it.

There was a 10% surcharge on cars over $30K, airplanes over $100K and
boats over some number I don't recall right now. The boating industry
was hit the hardest because there are lots of small boat builders who
build high end boats. These people were effectively shut down as orders
dried up. What the lefties failed to realize was that these purchases
were nearly 100% discretionary. As such sales dried up completely for
the boats and thousands were left out of work and hundrreds of small
companies went bankrupt. Virtually no tax money was collected. You'll
never see a stick it top the rich surcharge like that again.