1 Day
Source:
The Boston Globe
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R.I.'s Taylor Swift tax: start of a change or mistake
Rhode Island has implemented a new tax targeting high-value non-owner-occupied homes, primarily impacting wealthy individuals like Taylor Swift, who owns a multimillion-dollar vacation property in the state. The law increases taxes by $2.50 for every $500 of assessed value exceeding $1 million, with Swift expected to owe an additional $136,000 annually. Officials hope this "Taylor Swift tax" will fund affordable housing efforts, but critics warn it may drive wealthy buyers to other states. Experts note that this tax reflects broader trends in state-level policy shifts aimed at taxing the income and wealth of the wealthy.
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