During the 1990s, the U.S. Congress imposed a high sales tax on yachts, figuring that the rich
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During the 1990s, the U.S. Congress imposed a high sales tax on yachts, figuring that the rich could afford to pay for this luxury. But so many jobs were lost in the boat-building industry that the measure was finally repealed. What did Congress get wrong in imposing this luxury tax?
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Congress assumed that the demand for yachts was relatively ...View the full answer
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Related Book For 
Microeconomics A Contemporary Introduction
ISBN: 9781305505537
11th Edition
Authors: William A. McEachern
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