When the tax was passed, the yacht-building industry in Maine went out of business almost overnight. Hundreds of people out of work, in a state that could ill-afford such losses.
Liberals have no concept of human behavior; they think that their actions take place in a vacuum. For instance, there's no realization that rich people:
1) Don't buy yachts themselves, they have others take care of it for them.
2) Don't care if they buy Yachts made in Maine, or Bermuda, or Mexico. The yacht is just purchased, and delivered to the desired destination.
3) Became rich by spending their money wisely. If they can buy a Maine-made yacht for 12 Million, or the same thing made in Bermuda for 10 Million.... that's an easy decision.
Also, don’t mention the Laffer curve to liberals. ;-)