L.A.
I would have taken him to the bouncy house FASTER since he was bouncing off the walls at your house. Get all that energy out and he'll behave better without you doing a single thing more.
With a kind and considerate tone, I want to ask how taking away what helps him is a good thing? Three year olds are tough. They act all grown up, but it is face value because they lack the understanding of WHY people do what they do. Threes are all *me* and *now*. They don't get others' needs and feelings. They aren't able to do this the same way they aren't able to make change for a dollar. Their brains aren't sophisticated enough to have an understanding of the concepts.
When his behavior is atrocious, instead of threats and punishments, there are LOTS of other things that you can do that will help you keep your boundaries and help him learn proper behavior as well as good people skills. Imagine him taking "if you don't X, you won't be able to Y" tactics in an office setting. They wouldn't work. People wouldn't like him.
Instead, take a minute and listen to what he's protesting and find out why. It may be easy to resolve. Or change your language so that it's more how a preschooler thinks. "How to Talk So Kids Will Listen" is really good for this. Fast to read, easy to follow and chock full of examples. Another thing is to approach it with fun. For example, instead of "time to get dressed" say "It's time to get dressed and I'm going to be the fastest!" He will come back with "oh no **I** will be the fastest." "Playful Parenting" is a great book.
I am firm but I also keep in mind that I want to teach my children how to behave well, that some things really do need to be done, that problem solving and negotiation are worth their weight in gold, and that other people have needs and feelings as well. I don't want to just penalize them when they're wrong but want to teach them how to do it a better way. Then they learn.
I don't want it to be face value but rather that it comes from inside out. Timeouts and taking away things from him don't contribute to this. They are external. They may get his attention, but he only learns how to avoid a consequence instead of how to apply concepts of fairness, problem solving and equality.