In 1991 the Federal government imposed a 10 percent excise tax on yachts costing more than $100,000. This tax:
A. failed to bring in the expected amount of tax revenue because the demand for yachts was more price elastic than the government estimated.
B. brought in more tax revenue than expected because the demand for yachts was [...]

Suppose that instead of income taxes the government taxed us on things society generally considers vices and frivolities? So, instead of collecting taxes from everyones income we put a tax on things like alcohol, cigarettes and porn? It wouldnt even have to be a very large tax, a 1 cent tax on every [...]

The 1990 “yacht tax” caused a large deadweight loss, because demand for luxury yachts made in the United States is _______.
very elastic
very inelastic
perfectly inelastic since “rich” people will pay whatever is necessary
perfectly elastic

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Rangell failed to pay income taxes on the rental income from his villa on the Punta Cana Yacht Club for at least three years, to the tune of $75k. He agreed to pay that amount by May 15 (73 days ago)…
And remember that San Fran Nan said his House Ethics Committee report [...]

different ways of buying a yacht

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