PROVIDENCE, R.I. (AP) — The governor of Rhode Island is defending a proposed luxury tax for pricey second homes that has been dubbed the “Taylor Swift tax.”
Gov. Gina Raimondo says she wants to raise nearly $12 million by implementing a statewide property tax on second homes worth more than $1 million.READ MORE: Violence In Boston Director Clark Grant Faces Unemployment, Mortgage Fraud Charges
Grammy winner Swift has a beachfront mansion in Westerly, Rhode Island.
Raimondo says the tax policies she proposed in her budget will create jobs.
She is seeking to eliminate a $190 million deficit while implementing no new broad-based tax changes.READ MORE: 4 Students Arrested In Lawrence As Violence Around High School Continues
The Rhode Island Association of Realtors says the tax could discourage future buyers from purchasing vacation homes in Rhode Island.
Raimondo says she doesn’t think it will impact buyers’ decisions.
She says Newport is still a bargain compared with Nantucket, Massachusetts.MORE NEWS: 'Don't Give Up On Addicts': Signs Of Hope In Midst Of Misery At Mass & Cass
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