Question: is there a luxury tax in the united states

title: Luxury tax
text: In November 1991 , The United States Congress enacted a luxury tax and was signed by the former President George H.W. Bush . The goal of the tax was to generate additional revenues to reduce the federal budget deficit . This tax was levied on material goods such as watches , expensive furs , boats , yachts , private jet planes , jewelry and expensive cars . Congress enacted a 10 percent luxury surcharge tax on boats over $100,000 , cars over $30,000 , aircraft over $250,000 , and furs and jewelry over $10,000 . The federal government estimated that it would raise $9 billion in excess revenues over the following five - year period . However , only two years after its imposition , in August 1993 , the Congress decided to eliminate the `` luxury tax '' since it did not achieve its main objective . It is noteworthy that it `` failed '' by only raising $8.9 billion -- that is , it fell $97 million short of its projected revenue . According to the tax 's critics , these revenues were disappointing and unsatisfactory and also negatively impacted the incomes of the sellers of the luxury items . However , the luxury automobile tax remained in effect until 2002 . 

Answer: answer: In November 1991, The United States Congress enacted a luxury tax signed by former President George H.W. Bush. However, only two years after its imposition, in August 1993, Congress decided to eliminate the ``luxury tax'' since it did not achieve its primary objective, except for the luxury automobile tax that remained in effect until 2002.
answer: No, a luxury tax was enacted by the United States Congress in 1991 but it was eliminated two years later. Also, the luxury automobile tax remained in effect until 2002.