Money
Beck cites 1990 US luxury tax as warning: jobs lost, receipts missed
Glenn Beck
THIS Is How Mamdani Is DOOMING NYC, And It's NOT The Way You Think...
"The joint committee on taxation projected $31 million just in the first year. Yeah. Well, when the GAO went back and counted, the boat portion had produced 7.3 million. Viking yachts in uh New Jersey employed 1,400 people. Within eight months, 81% of them lost their job."
Arguing that "tax the rich" policies can backfire, Glenn Beck points to the 1990 US federal luxury tax on items including boats, saying official revenue projections were missed and that boatbuilders took the hit instead of wealthy buyers. He attributes specific figures to the Joint Committee on Taxation, the GAO, and congressional committees, including claimed job losses at Viking Yachts and bankruptcies in the New Jersey boatbuilding sector before the tax was repealed in 1993.
From this episode
Glenn Beck