Remember the old luxury tax ?
The elites then had their expensive yachts built over seas. The government collected very little revenue.
Ten of thousands of middle class families suffered from the loss of these good paying jobs. It hit the direct ship yard workers and also the secondary set of workers and their families ( nearby restaurant, shopping, entertainment jobs and businesses ).
The idea was to make boats prohibitively expensive so that they wouldn't have to deal with the hoi polloi clogging the yachting services businesses, making them wait in line.
There was a TX congressman that asked the CBO what *their* take would be if the tax rate was 100%.
The CBO, of course, neglected to include the effects of the disincentive to earn, coming up with some inflation adjusted amount that was effectively the GNP.