The headline for a new statewide property tax proposed by Rhode Island’s Democratic Gov. Gina Raimondo is that pop star Taylor Swift will be among the hardest hit.
A few years ago, Swift purchased a $17 million mansion on the Ocean State’s coast, which means the governor is looking to cull around $43,000 from the starlet’s fortune.
In its first year, the tax is projected to collect $11.8 million from the accounts of the 2,359 households who own second properties worth over $1 million. As Raimondo put it during her recent budget address, the tax “asks those among us who are most able, to pay a little more.” As if to emphasize the point, the tax is not technically imposed as a tax on property, but on the privilege of owning it, which makes the tax even more radical than it appears on its face.