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Sounds like Yall could use the Fair Tax down there too....
Just to be clear, the USVI and PR are quite different where taxes are concerned, viz:
"Puerto Rico is treated as a separate taxing entity from the USA; its income tax rates are set independently, and only some residents there pay federal income taxes (though everyone must pay all other federal taxes). Unincorporated Territories (Guam, American Samoa, and the Virgin Islands) all levy a mirror income tax at rates equal to the prevailing US federal tax; thus, to individual taxpayers these entities appear to be like the other states not having a local income tax."
Ok, so there is a difference between PR and USVI....
Even with that, the Fair Tax plan would still be better than what is in place now...
I have no idea what the Fair Tax Plan is but if it's something under Federal guidelines applicable to the determination of Federal income taxes then it would of course apply to the USVI.
Ah, I see. It has nothing to with this this forum, actually - but you could probably bring it up on one of the political CD forums if it hasn't already been done. Hope you're now a little clearer on the tax system in both the USVI and PR.
Both St Thomas and St Croix are very ghetto ....kids growing up with few opportunities...high preices for everything. flashy tourists are easy targets. If you are serious about a move....outside the IS try Dominica ( a small English speaking isolated isalnd nation between Guadaloupe and Martinique)
I can't help with PR and the USVI, but it is nice to see a mention of Dominica. I've been there and man is THAT where I'd go ..if the finances to at least snowbird in the Carribbean happen. The people and the land are great.
As far as income tax, we pay exactly the same rates as stateside and use the same federal forms but the money stays in the VI.
I'm trying to research VI Federal taxes and found this post. Do you have any idea if the taxes are paid to the IRS like the states, and then forwarded to the VI BIR? I'm nto finding this easy to find anywhere. Thanks!
The taxes are paid on exactly the same federal forms as stateside but everything is processed here.
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