Good idea, in theory. In principle? Not so good.

I play guitar, and have been playing for quite a while. In my dreams I'd play professionally; in reality I hope to at least teach on the side. In any case, what's to stop some dip**** buearocrat politician from deciding that a decent guitar over $1000 is a luxury item? What's to stop the same politician from deciding that a fast computer is a luxury item? For that matter, what about high-speed internet? Or how about any car that costs more than a Civic? Or any car at all? After all, we must "wean ourselves off foreign oil." Or any food more than the basics.

In the end we'll be paying luxury tax on everything that costs more than five bucks, or less! Never trust a politician with anything but his own skin and bank account.