Err, no, as bad as JC was, this was not his idiocy, it was George Herbert Walker Bush (41) in 1990 and he never recovered from it. No matter how you look at it, 'Poppy' was PLAYED by the Dems into believing that they would, GASP!, restrain their spending if he would violate his 1988 campaign promise of "No NEW TAXES!"
Amongst the provisions of the law; The act imposed a 30% excise tax on the amount of price over $30,000 for autos, $100,000 for boats, $250,000 for airplanes, and $10,000 for furs. The luxury boat business almost died completely in the US until the excise tax was repealed in 1993. It basically was a disaster as the usual liberal idiocy of inflexible spending was proven totally wrong (again!) when "the rich" chose not to spend or not to spend in the US.
Perhaps that's a reason Senate Majority Leader George Mitchell resigned his seat and didn't serve out the rest of his last term. Mitchell pushed the luxury tax, but ironically it devastated the boat manufacturing business in his own state of Maine.