Bloomberg News has a video here on the Cherubini yacht makers, how they flourished after WWII and what happened in 1990 when Congress last felt like bashing the rich. If you remember, small boat yards from Florida to Maine simply disappeared, and Cherubini was one of them. Sales dropped 70% in 1991 as buyers of these playthings ($100,000 and up) stopped buying American boats and turned instead to Europe and Asia. The rich weren’t hurt, of course, no revenue was raised, and thousands of blue collar, high paying craftsmen jobs were destroyed. The tax was repealed in 1994 but Cherubini didn’t resume boat building until 2004.
As with every failure of the left, the results of their laws are irrelevant just so long as their intentions were good. Why attempting to punish the rich is a “good” thing is something you’ll have to ask a Democrat about but there’s no denying it hurt the people they claim to champion and had zero affect on their targets.
Alternative Minimum Tax, anyone?