During the 1980s, the U.S. Congress imposed a high sales tax on yachts, figuring that the rich

Question:

During the 1980s, 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 But so many jobs were lost in the boat-building industry that the measure was finally repealed.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 tax?