EvilCat Breath
Diamond Member
- Sep 23, 2016
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I was mistaken about the president. Not about the effect.That tax was enacted in 1991. Maybe you need to consider a history lesson.
Target the rich? Been there, regret that
In November 1991, The United States Congress enacted a luxury tax and was signed by President George H.W. Bush. The goal of the tax was to generate additional revenues to reduce the federal budget deficit. This tax was levied on material goods such as watches, expensive furs, boats, yachts, private jet planes, jewelry and expensive cars. Congress enacted a 10 percent luxury surcharge tax on boats over $100,000, cars over $30,000, aircraft over $250,000, and furs and jewelry over $10,000. The federal government estimated that it would raise $9 billion in excess revenues over the following five-year period. However, only two years after its imposition, in August 1993, at the behest of the luxury yacht industry, President Bill Clinton and Congress eliminated the "luxury tax" citing a loss in jobs.[5] The luxury automobile tax remained in effect until 2002.[6]