‘Taylor Swift Tax’ Stirs Bad Blood With Rhode Island Homeowners

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The people, companies and trends shaping the global economy. Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.Rhode Island’s new tax on second homes is nicknamed for its most famous part-time resident, music superstar Taylor Swift, but the levy will also squeeze owners of saltbox houses on the coast that are much less grand than the singer’s Holiday House mansion.Under an annual property tax measure that takes effect Wednesday, the state will collect $5 for every $1,000 that a vacation home’s value is assessed over $1 million. Rhode Island lawmakers passed the measure last year, targeting out-of-towners in coastal enclaves like Newport and Little Compton to raise revenue for affordable housing construction. Tim Stenovec and guest host Norah Mulinda speak with Bloomberg News Boston Money and Power Reporter Greg Ryan on his reporting on the 'Taylor Swift Tax'.See omnystudio.com/listener for privacy information.