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		<title>Rhode Island&#8217;s &#8216;Taylor Swift Tax&#8217; on vacation homes of the wealthy is spreading to other states</title>
		<link>https://lsd.hu/rhode-islands-taylor-swift-tax-on-vacation-homes-of-the-wealthy-is-spreading-to-other-states/</link>
		
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		<pubDate>Sun, 31 Aug 2025 16:23:34 +0000</pubDate>
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					<description><![CDATA[Taylor Swift attends the 67th GRAMMY Awards on February 02, 2025 in Los Angeles, California. Frazer Harrison &#124; Getty Images Entertainment &#124; Getty Images A version of this article appeared in CNBC&#8217;s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox. [&#8230;]]]></description>
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<p>Taylor Swift attends the 67th GRAMMY Awards on February 02, 2025 in Los Angeles, California.</p>
<p>Frazer Harrison | Getty Images Entertainment | Getty Images</p>
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<p><em>A version of this article appeared in CNBC&#8217;s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. </em><em>Sign up</em><em> to receive future editions, straight to your inbox.</em></p>
<p>A new push by states to tax the real estate of the wealthy has sparked a backlash among brokers and potential buyers, who say the taxes punish the most important local spenders.</p>
<p>From tax hikes on pricey second homes in Rhode Island and Montana to Cape Cod&#8217;s proposed transfer tax on homes over $2 million and the L.A. mansion tax, state and local governments see a revenue gold mine in the pricey properties of the wealthy.</p>
<p>&#8220;It&#8217;s a smack in the face to people who just spend money here,&#8221; said Donna Krueger-Simmons, sales agent with Mott &amp; Chace Sotheby&#8217;s International in Watch Hill, Rhode Island.</p>
<p>The tax hikes are being driven by tighter state budgets and populist anger over housing costs. States are looking to offset budget cuts expected from the new tax and spending bill in Washington. At the same time, the housing market has become a tale of two buyers, with the middle class and younger families struggling to afford homes while the luxury housing market thrives from wealthy all-cash buyers.</p>
<p>The solution for many states: tax the homes of the rich.</p>
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<p>Rhode Island&#8217;s new levy, nicknamed &#8220;The Taylor Swift Tax,&#8221; is among the most extreme. The popstar bought a beach house in the state&#8217;s elite Watch Hill community in 2013.</p>
<p>The measure imposes a new surcharge on second homes valued at more than $1 million. For non-primary residences, or those not occupied for more than 182 days a year, the state will charge $2.50 for every $500 in assessed value above the first $1 million. That charge is on top of existing property taxes and will add up to big increases for luxury homes in Newport, Watch Hill and other well-heeled, summer communities in the state.</p>
<p>Swift&#8217;s house, for instance, is assessed at around $28 million, according to local real estate records. Her current property taxes are estimated at around $201,000 a year. The new charges will add another $136,442 to her annual taxes, bringing her yearly total to $337,442 – even though locals say she rarely visits.</p>
<p>Real estate brokers say the increase targets the very taxpayers who already contribute the most. Wealthy second-homeowners pay hefty property taxes but don&#8217;t use many local services, since their primary residences are in New York; Boston; Palm Beach, Florida; or other locales. Their kids typically don&#8217;t attend the local schools, and they&#8217;re infrequent users of the police, fire, water and other municipal services since most stay for only 10 to 12 weeks out of the year.</p>
<p>&#8220;These are people who just come here for the summer, spend their money and pay their fair share of taxes,&#8221; said Krueger-Simmons. &#8220;They&#8217;re getting penalized just because they also live somewhere else.&#8221;</p>
<p>Brokers and longtime residents say the summer residents of Newport, Watch Hill and other seasonal beach towns are the economic engines for local businesses, restaurants and hotels.</p>
<p>&#8220;You&#8217;re just hurting the people who support small business,&#8221; said Lori Joyal, of the Lila Delman Compass office in Watch Hill. &#8220;You&#8217;re chasing away the people who spend most of the money in these towns.&#8221; </p>
<p>Rhode Island is also hiking its conveyance tax on luxury real estate starting in October. The tax on real estate sales will be an additional $3.75 for each $500 paid above $800,000 for a real estate purchase. At the same time, the state&#8217;s steep estate tax deters many of the ultra-wealthy from living there full-time.</p>
<p>Brokers say some second-home owners are considering selling and many would-be buyers are pausing their purchases. While the tax hike alone isn&#8217;t expected to lead to any significant wealth flight, Joyal said potential buyers in Rhode Island are already looking at coastal towns in Connecticut as alternatives.</p>
<p>&#8220;It&#8217;s always about choices,&#8221; she said. &#8220;At the end of the day it&#8217;s about how they can choose to spend their discretionary dollars. Connecticut has some beautiful coastal towns without some of these other high taxes.&#8221;</p>
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<p>FILE &#8211; In this May 27, 2013, file photo, people walk past a house owned by Taylor Swift in the village of Watch Hill in Westerly, R.I.</p>
<p>Dave Collins | AP</p>
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<p>Montana has passed a similar tax. The influx of Californians and other affluent newcomers who poured into the state during Covid has led to soaring home prices and growing resentment over gentrification. Meanwhile, the state&#8217;s low income tax rate and lack of a sales tax has left it little room for revenue increases to handle the necessary increase in services.</p>
<p>In May, the state passed a two-tier property tax plan, lowering rates for full-time residents and raising taxes on second homes and short-term rentals. For primary residences and long-term rentals valued at or below the state&#8217;s median home price, the tax rate will be 0.76%. Homes worth more than that will face a tiered-rate system of up to 1.9% on any value over four times the median price.</p>
<p>The Montana Department of Revenue expects the changes, which will start next year, will hike second-home taxes by an average of 68%. Brokers say some buyers are waiting to see the tax bills next year before making any decisions about whether to buy or sell.</p>
<p>&#8220;I&#8217;ve heard about some buyers who have put on the brakes to wait for the dust to settle and see what happens,&#8221; said Valerie Johnson, with PureWest Christie&#8217;s International Real Estate in Bozeman, Montana.</p>
<p>Johnson said that while the tax was touted by legislators as hitting wealthy second-home owners, it will also hit longtime locals who own investment homes and rent them out for income.</p>
<p>&#8220;These are small businesses for many people,&#8221; she said.</p>
<p>Manish Bhatt, a senior policy analyst at the Tax Foundation, said tax hikes aimed at wealthy second-home owners may be popular politically, but they rarely make for successful or efficient tax policy. Real property tax reform should be broad based, rather than focused on taxpayers who are singled out just because they don&#8217;t live in a community full-time, he said.</p>
<p>&#8220;There is a grab to find revenue right now,&#8221; he said. &#8220;But taxing second-home owners could have the opposite impact – dissuading people from owning a second home or continue to own in those communities.&#8221;</p>
<p>While the new taxes alone might not drive out the wealthy, &#8220;we do know that taxes are important to businesses and individuals and could cause people to make a decision to buy in another nearby state,&#8221; Bhatt said.</p>
<p>The projected revenue from the new taxes may also disappoint. When Los Angeles passed its so-called &#8220;mansion tax&#8221; in 2022, proponents touted revenue projections of between $600 million to $1.1 billion a year. The tax, imposed on real estate sales over $5 million, has only raised $785 million after more than two years, according to the Los Angeles Housing Department.</p>
<p>Higher interest rates that hurt the housing market have played a role, experts say. Yet Michael Manville, professor of urban planning at the UCLA Luskin School of Public Affairs, said wealthy buyers and sellers also reduced transactions in response to the tax.</p>
<p>&#8220;The lower revenue is a reason to be concerned because it suggests that the tax might actually be reducing transactions, which in turn can reduce housing production and property tax revenue,&#8221; he said.</p>
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		<title>Warren Buffett-owned BNSF Railway contributed to 2 deaths in Montana town where asbestos sickened thousands, jury finds</title>
		<link>https://lsd.hu/warren-buffett-owned-bnsf-railway-contributed-to-2-deaths-in-montana-town-where-asbestos-sickened-thousands-jury-finds/</link>
					<comments>https://lsd.hu/warren-buffett-owned-bnsf-railway-contributed-to-2-deaths-in-montana-town-where-asbestos-sickened-thousands-jury-finds/#respond</comments>
		
		<dc:creator><![CDATA[LSD News Szerkesztőség]]></dc:creator>
		<pubDate>Tue, 23 Apr 2024 09:23:04 +0000</pubDate>
				<category><![CDATA[Business]]></category>
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		<guid isPermaLink="false">https://www.lsd.hu/warren-buffett-owned-bnsf-railway-contributed-to-2-deaths-in-montana-town-where-asbestos-sickened-thousands-jury-finds/</guid>

					<description><![CDATA[A federal jury on Monday said BNSF Railway contributed to the deaths of two people who were exposed to asbestos decades ago when tainted mining material was shipped through a Montana town where thousands have been sickened. The jury awarded $4 million each in compensatory damages to the estates of the two plaintiffs, who died in 2020. Jurors [&#8230;]]]></description>
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<br /><img decoding="async" src="https://fortune.com/img-assets/wp-content/uploads/2024/04/GettyImages-985041732-e1713862984420.jpg?w=2048" alt="GettyImages 985041732 e1713862984420" title="Warren Buffett-owned BNSF Railway contributed to 2 deaths in Montana town where asbestos sickened thousands, jury finds 2"></p>
<p>A federal jury on Monday said BNSF Railway contributed to the deaths of two people who were exposed to asbestos decades ago when tainted mining material was shipped through <a href="https://apnews.com/article/asbestos-libby-montana-bnsf-railroad-trial-e9b7587c0cc78fb93afca24436639eb6" target="_blank" rel="noopener" class="sc-4d342e41-0 daYNyv  ">a Montana town</a> where thousands have been sickened.</p>
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<p>The jury awarded $4 million each in compensatory damages to the estates of the <a href="https://apnews.com/article/asbestos-pollution-victim-interview-bnsf-ac4a6d386e42d3bc374574b7113159cb" target="_blank" rel="noopener" class="sc-4d342e41-0 daYNyv  ">two plaintiffs</a>, who died in 2020. Jurors said asbestos-contaminated vermiculite that spilled in the rail yard in the town of Libby, Montana was a substantial factor in the plaintiffs’ illnesses and deaths.</p>
<p>Family members of the two victims hugged their attorneys after the verdict was announced. An attorney for the plaintiffs said the ruling brought some accountability, but one family member told The Associated Press that no amount of money would replace her lost sister.</p>
<p>“I’d rather have her than all the money in the world,” Judith Hemphill said of her sister, Joyce Walder.</p>
<p>The vermiculite from Libby has high concentrations of naturally-occurring asbestos and was used in insulation and for other commercial purposes in homes and businesses across the U.S.</p>
<p>After being mined from a mountaintop outside town, it was loaded onto rail cars that sometimes spilled the material in the Libby rail yard. Residents have described piles of vermiculite being stored in the yard and dust from the facility blowing through downtown Libby.</p>
<p>The jury did not find that BNSF acted intentionally or with indifference so no punitive damages were awarded. Warren Buffett’s Berkshire Hathaway Inc. acquired BNSF in 2010, two decades after the W.R. Grace &amp; Co. vermiculite mine near Libby shut down and stopped shipping the contaminated mineral.</p>
<p>The estates of the two victims argued that the railroad knew the asbestos-tainted vermiculite was dangerous and failed to clean it up. Both lived near the rail yard decades ago and died from mesothelioma, a rare lung cancer linked to asbestos exposure.</p>
<p>The pollution in Libby has been cleaned up, largely at public expense. W.R. Grace, which played a central role in the town’s tragedy, filed for bankruptcy in 2001 and paid $1.8 billion into an asbestos trust fund to settle future cases.</p>
<p>Yet the long timeframe over which asbestos-related diseases develop means people previously exposed are likely to continue getting sick for years to come, health officials say.</p>
<p>The case in federal civil court over the two deaths was the first of <a href="https://apnews.com/article/bnsf-railway-libby-asbestos-vermiculite-lawsuit-25783f61a393b3aa3a7286e6aeca4356" target="_blank" rel="noopener" class="sc-4d342e41-0 daYNyv  ">numerous lawsuits</a> against the Texas-based railroad corporation to reach trial over its past operations in Libby. Current and former residents of the small town near the U.S.-Canada border <a href="https://apnews.com/article/asbestos-pollution-victim-interview-bnsf-ac4a6d386e42d3bc374574b7113159cb" target="_blank" rel="noopener" class="sc-4d342e41-0 daYNyv  ">want BNSF held accountable</a>, accusing it of playing a role in asbestos exposure that health officials say has killed several hundred people and sickened thousands.</p>
<p>“This is good news. This is the first community exposure case that will hold the railroad accountable for what they’ve done,” said Mark Lanier, an attorney for Walder and Hemphill’s estates.</p>
<p>The railroad was considering whether to appeal, said a BNSF spokesperson, who referred to it as a “very sad case.”</p>
<p>“They (the jury) had the difficult task of evaluating conduct that occurred more than 50 years ago, before BNSF ever existed,” said Kendall Sloan, the railroad’s director of external communications.</p>
<p>BNSF attorney Chad Knight told jurors last week the railroad’s <a href="https://apnews.com/article/libby-asbestos-warren-buffett-railroad-pollution-cd9a904dd919a171b0c4c93899867e42" target="_blank" rel="noopener" class="sc-4d342e41-0 daYNyv  ">employees didn’t know</a> the vermiculite was filled with hazardous microscopic asbestos fibers.</p>
<p>“In the ‘50s, ’60s and ’70s no one in the public suspected there might be health concerns,” Knight said Friday.</p>
<p>The railroad’s experts also suggested during the trial that the plaintiffs could have been exposed to asbestos elsewhere.</p>
<p>The railroad said it was obliged under law to ship the vermiculite, which was used in insulation and for other commercial purposes, and that W.R. Grace employees had concealed the health hazards from the railroad.</p>
<p>U.S. District Judge Brian Morris had instructed the jury it could only find the railroad negligent based on its actions in the Libby Railyard, not for hauling the vermiculite.</p>
<p>Former Libby resident Bill Johnston, who followed the trial, said he was glad the victims’ estates got a substantial award.</p>
<p>Johnston, 67, recalled playing in piles of vermiculite at the rail yard as a child and helping his father add piles of the material to their home garden, where it was used as a soil amendment. He, his two siblings and their parents have all been diagnosed with asbestos-related diseases, Johnston said Monday.</p>
<p>“They didn’t do anything intentionally to cause this harm to their body. Other people knew about it and didn’t care,” he said of Libby asbestos victims. “What’s that worth? It’s hard to put a value on that. But when you say you’re going to die prematurely or the life you have left is going to be tethered to an oxygen bottle, there should be some value that makes their life easier in the end.”</p>
<p>BNSF was formed in 1995 from the merger of Burlington Northern railroad, which operated in Libby for decades, and the Santa Fe Pacific Corporation.</p>
<p>Looming over the proceedings was <a href="https://apnews.com/article/health-business-montana-public-greg-gianforte-3533fb7fb90e366ec0e8c99868ed0545" target="_blank" rel="noopener" class="sc-4d342e41-0 daYNyv  ">W.R. Grace</a>, which operated the mountaintop vermiculite mine 7 miles (11 kilometers) outside of Libby until it closed in 1990. Morris referred to the chemical company as “the elephant in the room” during the BNSF trial and reminded jurors repeatedly that the case was about the railroad’s conduct, not W.R. Grace’s separate liability.</p>
<p>Federal prosecutors in 2005 indicted W. R. Grace and executives from the company on criminal charges over the contamination in Libby. A jury acquitted them following a 2009 trial.</p>
<p>The Environmental Protection Agency descended on Libby after 1999 news reports of illnesses and deaths among mine workers and their families. In 2009 the agency declared in Libby the nation’s first ever public health emergency under the federal Superfund cleanup program.</p>
<p>A second trial against the railroad over the death of a Libby resident is scheduled for May in federal court in Missoula.</p>
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		<title>Unsafe levels of likely cancer-causer found in underground launch centers on Montana nuclear missile base</title>
		<link>https://lsd.hu/unsafe-levels-of-likely-cancer-causer-found-in-underground-launch-centers-on-montana-nuclear-missile-base/</link>
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		<pubDate>Thu, 10 Aug 2023 01:27:21 +0000</pubDate>
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					<description><![CDATA[Washington — The Air Force has detected unsafe levels of a likely carcinogen at underground launch control centers at a Montana nuclear missile base where a striking number of men and women have reported cancer diagnoses. A new cleanup effort has been ordered. The discovery &#8220;is the first from an extensive sampling of active U.S. [&#8230;]]]></description>
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<p><em>Washington</em> — The Air Force has detected unsafe levels of a likely carcinogen at underground launch control centers at a Montana nuclear missile base where a striking number of men and women have reported cancer diagnoses.</p>
<p>A new cleanup effort has been ordered. </p>
<p>The discovery &#8220;is the first from an extensive sampling of active U.S. intercontinental ballistic missile bases to address specific cancer concerns raised by missile community members,&#8221; Air Force Global Strike Command <a href="https://www.afgsc.af.mil/News/Article-Display/Article/3486292/global-strike-command-reports-initial-icbm-pcb-survey-results/" target="_blank" rel="nofollow noopener">said in a release Monday</a>. In those samples, two launch facilities at Malmstrom Air Force Base in Montana showed PCB levels higher than the thresholds recommended by the Environmental Protection Agency.</p>
<figure class="embed embed--type-image is-image embed--float-none embed--size-medium"><span class="img embed__content"><img alt="Nuclear Missile Base Cancer " height="413" width="620" class=" lazyload" srcset="https://assets2.cbsnewsstatic.com/hub/i/r/2023/08/08/1b184e11-b340-4338-9a61-99f56d4e01cb/thumbnail/620x413/6a77baa0ecb3dcf17437a3ee9db8c090/ap23122588892511.jpg?v=08aa43fa812a9e12e93282c47f58b17f 1x, https://assets1.cbsnewsstatic.com/hub/i/r/2023/08/08/1b184e11-b340-4338-9a61-99f56d4e01cb/thumbnail/1240x826/20c3f9ca3d43a009f3e7c563326fcc32/ap23122588892511.jpg?v=08aa43fa812a9e12e93282c47f58b17f 2x"/></span><figcaption class="embed__caption-container"><span class="embed__caption">341st Missile Maintenance Squadron technicians work on an intercontinental ballistic missile during a Simulated Electronic Launch-Minuteman test on Sept. 22, 2020, at a launch facility near Malmstrom Air Force Base in Great Falls, Mont.</span></p>
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<p>                Senior Airman Daniel Brosam / U.S. Air Force via AP</p>
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<p>PCBs are oily or waxy substances that have been identified as a likely carcinogen by the EPA. Non-Hodgkin lymphoma is a blood cancer that uses the body&#8217;s infection-fighting lymph system to spread. </p>
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<p>In response, Gen. Thomas Bussiere, commander of Air Force Global Strike Command, has directed &#8220;immediate measures to begin the cleanup process for the affected facilities and mitigate exposure by our airmen and Guardians to potentially hazardous conditions.&#8221;  </p>
<p>After a military briefing was obtained by The Associated Press in January showing that at least nine current or former missileers at Malmstrom were diagnosed with non-Hodgkin lymphoma, a rare blood cancer, the Air Force School of Aerospace Medicine launched a study to look at cancers among the entire missile community checking for the possibility of clusters of the disease. </p>
<p>And there could be hundreds more cancers of all types, based on new data from a grassroots group of former missile launch officers and their surviving family members.  </p>
<p>According to the <a href="https://torchlightinitiative.org/" target="_blank" rel="nofollow noopener">Torchlight Initiative</a>, at least 268 troops who served at nuclear missile sites, or their surviving family members, have self-reported being diagnosed with cancer, blood diseases or other illnesses over the past several decades. </p>
<p>At least 217 of those reported cases are cancers, at least 33 of them non-Hodgkin lymphoma.  </p>
<p>What&#8217;s notable about those reported numbers is that the missileer community is very small. Only a few hundred airmen serve as missileers at each of the country&#8217;s three silo-launched Minuteman III intercontinental ballistic missile bases any given year. There have been only about 21,000 missileers in total since the Minuteman operations began in the early 1960s, according to the Torchlight Initiative.  </p>
<p>For some context, in the U.S. general population there are about 403 new cancer cases reported per 100,000 people each year, according to the Centers for Disease Control and Prevention, and non-Hodgkin lymphoma affects an estimated 19 of every 100,000 people annually, according to the American Cancer Society.  </p>
<p>Minutemen III silo fields are based at Malmstrom, F.E. Warren Air Force Base in Wyoming and Minot Air Force Base in North Dakota.  </p>
<p>Missileers are male and female military officers who serve in underground launch control centers where they are responsible for monitoring, and if needed, launching fields of silo-based nuclear weapons. Two missileers spend sometimes days at a time on watch in underground bunkers, ready to turn the key and fire Minuteman III intercontinental ballistic missiles if ordered to do so by the president.  </p>
<p>The Minuteman III silos and underground control centers were built more than 60 years ago. Much of the electronics and infrastructure is decades old. Missileers have raised health concerns multiple times over the years about ventilation, water quality and potential toxins they can&#8217;t avoid as they spend 24 to 48 hours on duty underground.  </p>
<p>The Air Force discovery of PCBs occurred as part of site visits by its bioenvironmental team from June 22 to June 29 in the Air Force&#8217;s ongoing larger investigation into the number of cancers reported among the missile community. During the site visits, a health assessment team collected water, soil, air and surface samples from each of the missile launch facilities.  </p>
<p>At Malmstrom, of the 300 surface swipe samples, 21 detected PCBs. Of those, 19 were below levels set by the EPA requiring mitigation and two were above. No PCBs were detected in any of the 30 air samples. The Air Force is still waiting for test results from F.E. Warren and Minot for surface and air samples, and for all bases for the water and soil samples.  </p>
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