There are a lot of caveats to this observation. The tax was levied during a recession, at a time when yacht sales had already declined sharply (from 16,000 in 1

There are a lot of caveats to this observation. The tax was levied during a recession, at a time when yacht sales had already declined sharply (from 16,000 in 1987 to 9,100 in 1990 for $100k+ boats).