The U.S., which had been a net exporter of yachts, became a net importer as U.S. companies closed. Jobs shifted to companies in Europe and the Bahamas. The U.S. Treasury collected zero revenue from the sales driven overseas.
There’s the rub. Aside from destroying jobs, and resulting in net decreases in tax collections, these tax-punishment schemes drive businesses permanently out of the country, where they are lost to us forever.
The rich don’t give a damn. They’d just as soon buy their yachts from Japan as from California. And they always have ways to evade taxes on these purchases. But the symbolism looks good to mouth-breathing class warriors who can’t add two plus two, and who are fueled entirely by envy and greed.
Oh, yeah, and one other thing: Obama isn’t making mistakes with this crap. He’s doing it on purpose.