Quote:
Originally Posted by 12clicks
the last time we legislated out of envy, we destroyed the American yacht building industry.
It put Americans out of work and yachts were just built and bought over seas.
this is what happens when the rabble tail is allowed to wag the economic tail.
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Clinton's luxury tax, which he was forced to rescind didn't just affect yachts and boats. It instantly sank luxury car sales, art sales, jewelry sales, private airplane sales and so on. Everything the tax touched caused a massive reduction in demand for those items. The impact was immediate and massive for within months was forcing large producers to start cutting staff and laying people off.