What is the Taylor Swift Mansion Tax?
I suppose it's just like lots of other taxes that governments figure should be levied on the super wealthy. But when it's a major celebrity it tends to command a little more attention.
The governor of Rhode Island is defending a proposed luxury tax for expensive second homes that is being called the Taylor Swift Tax. The goal is to raise $12 million with a statewide property tax on second homes worth more than $1 million. Taylor's swanky mansion is in Westerly, Rhode Island.
You've heard both sides before: The governor says her tax policies will create jobs and help eliminate a $190 million deficit. Rhode Island's Association of Realtors says that taxes like these will turn future buyers away. The governor says even with more taxes, Rhode Island is still a bargain compared to Nantucket. The realtors say, "When you hear Tim McGraw, we hope you know you screwed up."
And on it goes. DB