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To: Glenn Petersen who wrote (1596)	3/26/2013 1:02:48 PM
From: richardred	1 Recommendation Read Replies (2) \| Respond to of 3363

Many of us remember how well that luxury Tax on boats and yachts turned out. snip>"It's hard to be elated when our own government activity created a loss of 30,000 American jobs and destroyed dozens of companies in the process," Mr. Napier said. "And the revenues weren't there. For every dollar that was collected on the luxury tax, we estimated the Federal Government paid out $5 for each dollar collected in unemployment benefits and other costs caused by layoffs. Then, too, a contracting economy brought sales that were subject to the tax to a virtual standstill, causing unemployment, plant closings and foreclosures in the marine industry." In addition, he said, big-boat sales were down from peak levels in 1988 to a historic low. nytimes.com