What Exactly is Taylor Swift Tax?
Yes, there is actually something called the “Taylor Swift Tax,” and it’s become quite a hot button of contention in Rhode Island, of all places.
Billboard is reporting that the Governor of Rhode Island, Gina Raimondo, has come under fire by the Rhode Island Association of Realtors after proposing a hefty tax on second homes, like the one Swift has in Westerly, Rhode Island:
“The governor of Rhode Island is defending a proposed luxury tax for pricey second homes that has been dubbed the ‘Taylor Swift tax.’ Gov. Gina Raimondo says she wants to raise nearly $12 million by implementing a statewide property tax on second homes worth more than $1 million…Raimondo says the tax policies she proposed in her budget will create jobs. She is seeking to eliminate a $190 million deficit while implementing no new broad-based tax changes.”
Raimondo still claims Rhode Island resort towns, like Westerly, “are still a bargain” compared to others, like Nantucket.