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Greg Ryan | ‘Taylor Swift Tax’ Stirs Bad Blood With Rhode Island Homeowners | Bloomberg Businessweek, Sonic AI
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‘Taylor Swift Tax’ Stirs Bad Blood With Rhode Island Homeowners | Bloomberg Businessweek
Bloomberg Businessweek
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Jul 3, 2026
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8:39
Interview
‘Taylor Swift Tax’ Stirs Bad Blood With Rhode Island Homeowners | Bloomberg Businessweek
From
Bloomberg Businessweek
Tim Stenovec
(Host)
•
Carol Massar
(Bloomberg Businessweek anchor and financial…)
•
Greg Ryan
(Bloomberg News Boston money and power reporter)
•
Nora Melinda
(Guest)
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Executive Summary
Rhode Island has enacted a new 0.5% annual property tax on second homes valued over $1 million, nicknamed the 'Taylor Swift tax', to fund affordable housing.
The most significant opposition comes not from the ultra-wealthy, but from owners of modest, multi-generational vacation homes who face tax increases of 50% or more.
The tax is part of a broader trend in Democrat-led states implementing 'millionaire taxes' to address budget shortfalls and wealth inequality, with this model expected to spread to other vacation hotspots.
A lawsuit is being organized by the law firm Hinckley Allen Snyder to challenge the tax's constitutionality, though the real estate market has not yet seen a significant exodus of homeowners.
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