Greedy Democrats are taking aim at Taylor Swift — and you’re next
Taylor Swift is enemy No.1 to cash-grabbing Democrats in Rhode Island: They’ve named their state’s new vacation-home property tax after her.
They and other radical leftists across the country claim that by attacking the rich, including celebs like Swift, they’re saving democracy.
Don’t be fooled.
Their new forms of taxation — including wealth taxes, mansion taxes and second-home taxes — are fueled by jealousy and hatred for our free-market system, the work ethic and everything American.
And while Mayor Zohran Mamdani’s pied-à-terre tax has been stalled in court, his “enemies list” of ordinary homeowners is evidence that you’re the next target.
You may not consider yourself “rich,” but if you live in a blue state, these new forms of taxation will eventually hit you, too.
After all, they have a way of expanding: New York’s state Legislature is already considering a plan to impose Gotham’s pied-à-terre tax statewide, according to Republican state Sen. George Borrello.
Swift shelled out $17.75 million for her oceanfront Watch Hill, RI, spread in 2013 — but the tax, which went into effect two weeks ago, is slapped on any vacation home worth over $1 million and occupied less than half the year.
Similar tax-the-rich schemes are building steam in Connecticut, DC, and California — and they’ll continue until “not a single state . . . is a safe haven,” the Democratic Socialists of America vowed in June.
Connecticut Democrats are ramming through a “mansion” tax — its first-ever statewide property tax — an annual levy on homes valued at over $3 million, whether they’re primary residences or not.
That’s on top of the sky-high local property taxes residents already pay.
And the state legislature’s veto-proof Democratic majority likely won’t stop with the priciest homes: Connecticut’s first income tax, imposed in 1991, was supposed to be temporary.
Three decades later, it’s still in effect — and it’s expanded from a flat rate to seven ever-higher brackets.
Washington, DC, is also proposing a “mansion tax” on high-value residences — all those valued at more than $2.5 million.
Three tiny, but tony, neighborhoods will bear the brunt: Georgetown, Kalorama and Massachusetts Avenue Heights.
Plenty of wealthy politicians will be hit, but unfortunately not Sens. Bernie Sanders and Elizabeth Warren, vocal advocates for wealth taxes. They don’t live there.
Mansion taxes are proxies for wealth taxes, but in November Californians will vote on the real thing — the nation’s first tax on total net worth.
The Billionaires Tax Act, or Proposition 40, is billed as a “one-time” 5% tax on all forms of wealth, from homes and yachts to stocks, bonds and ownership interests in private companies — where the real money is.
Its backers say 90% of the revenue will go to support health-care services for Californians, and health-care unions are its biggest supporters.
Don’t buy the “one-time” claim; once health-care services are funded, does anyone really believe they’ll turn the spigot off?
The state Democratic Party endorses the tax, but not presidential wannabe Gov. Gavin Newsom.
He’s pivoted instead to a national wealth tax, warning that otherwise more California billionaires will follow Meta CEO Mark Zuckerberg and Google cofounders Larry Page and Sergey Brin, and head for the exits.
Newsom joins a chorus of lefties, including Warren and Sanders, making the preposterous argument that the existence of billionaires threatens democracy.
Nonsense: Billionaire Mike Bloomberg blew through hundreds of millions of dollars of his own money seeking the Democratic presidential nomination in 2020 — and won support only from American Samoa.
And have they forgotten the $2 billion Kamala Harris burned in her failed White House run?
Money doesn’t guarantee political success.
But democracy is threatened by dire poverty: Hungry people will succumb more easily to the promises of a dictator.
And poverty in the United States is half what it was in 1959, when the US Census began measuring it.
The ideologues calling for wealth taxes aren’t telling you the truth — wealth taxes are economy killers, and workers are the victims.
Only 2.7% of the typical billionaire’s wealth is in jewels, yachts, artwork, homes and other tangible luxuries; almost all of it is in business assets — stock and ownership interests that provide the capital for businesses to buy the efficient trucks, faster computers and sophisticated equipment that increase worker productivity.
As Cato economists Adam Michel and Chris Edwards warn, taxing wealth takes capital out of these companies, limiting worker productivity gains and the growth in future wages. Ouch!
Wake up, America: You, too, are in the “Tax the Rich” crosshairs.
Call out these left-wing demagogues for their lies. In Taylor Swift’s words, be “Fearless.”
Betsy McCaughey is a former lieutenant governor of New York.