Keep pulling the thread on Greg Ryan.
Rhode Island enacted an annual property tax of 0.5% on second homes valued over $1 million.
The law firm Hinckley Allen Snyder is organizing a lawsuit on behalf of homeowners to challenge Rhode Island's new second home tax in court, arguing it is unconstitutional.
The purpose of Rhode Island's new property tax on second homes is to raise money to build more affordable housing.
Taylor Swift's 12,700-square-foot mansion in Rhode Island is assessed at a value of $28 million.
Taylor Swift faces an additional annual tax bill of approximately $136,000 for her Rhode Island mansion under the state's new second home tax.
The most vocal opposition to Rhode Island's second home tax is from owners of modest, multi-generational vacation homes, rather than from owners of mega-mansions.
Some owners of modest vacation homes in Rhode Island will see their tax bills increase by 50% or more due to the new second home tax.
A lawsuit challenging Rhode Island's second home tax may be filed in the next few weeks.
Democratic leaders are blaming federal funding cuts from the Trump administration for budget crunches and are looking to the wealthy to make up the revenue gap.
Massachusetts, Maine, and Washington State have all enacted 'millionaire taxes'.
Rhode Island enacted its own 'millionaire's tax' in the month prior to the podcast's recording.
Greg Ryan predicts that the model of a second home tax will spread to other Democrat-led states with vacation hotspots, such as California, in the coming years.