By the first president Bush.

Go figure.

I seriously doubt most yachts were under $100,000 back then ($173,000 in current dollars). In any case, revenues from the Luxury Tax (on things other than yachts, too) were about half what was expected--About $17 million. People just changed their buying habits.

And yes, many jobs were lost, 9,400 of them according to the Joint Economic Committee in 1991. 7,400 of them were in the boating industry. Ironically, unemployment benefits paid out resulted in a net loss to the government.

Somebody did push an actual tax credit for yachts (after all, as Bowser says, the rich don't pay taxes). The "Boat Building Investment Act." Authored by Ted Kennedy.

Go figure.