Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Thanks for the explanation behind 'gringo'. I had asked some of my Spanish speaking friends back in Texas about it, and they told me its connotation could definitely be negative, but I'll shrug it off. I find it kind of funny that they would call us 'Americanos' since, well, technically so are they.
We are very interested to see where Puerto Rico will be in 5 or 10 years from now. I have to imagine with the amount of capital that is projected to flow to the island because of laws 20 and 22 that there is going to actually be some capital behind a suffrage and/or statehood movement for Puerto Rico. Hard to believe that Montana gets 3 electoral votes while a territory with 4 times more people gets 0.
I know it will be hot (it was actually pretty hot today down here; heat index was I think 105), but we've lived in Houston for 7 years, so we got used to it.
Considering that the 20/22 tax advantages come from the fact it is NOT a state, I foresee significant resistance to statehood from those taking advantage of the tax shelter lol.
Considering that the 20/22 tax advantages come from the fact it is NOT a state, I foresee significant resistance to statehood from those taking advantage of the tax shelter lol.
Now you know why the pro-colony party is so desperate to have all these rich people move to Puerto Rico from the mainland
It's actually rather sad, the Popularrrrres claim to be "defending" the Spanish language and culture when in reality they are abusing their fellow Puerto Ricans for the benefit of the few ultra-wealthy people and big corporations.
85rx-7, you make a good point, I never thought about it like that (btw, I love the rotary engine too!)
So WIHS2006, don't you think it would be a good thing for the island to get a huge influx of capital? I am not ultra-wealthy (*far* from it), but I am a professional moving to the island largely because of 20/22. Don't you think 20/22 will bring benefits to the professionals who have been leaving the island?
85rx-7, you make a good point, I never thought about it like that (btw, I love the rotary engine too!)
So WIHS2006, don't you think it would be a good thing for the island to get a huge influx of capital? I am not ultra-wealthy (*far* from it), but I am a professional moving to the island largely because of 20/22. Don't you think 20/22 will bring benefits to the professionals who have been leaving the island?
Glad someone gets the username. Sadly, I no longer own the 85 RX7. However, I did recently purchase a RX8. Seeing as you like rotaries, that is certainly a perk of moving to PR.
85rx-7 - not to let this get too off topic, but I had an RX-8 when they came out and just sold it about a year ago. Its a great car. Lots of fun. This was me at autocross:
We are back stateside now, getting ready for the move! One of our cars will be shipped down there. Does anyone know, do you have to pay taxes on a car you bring into PR?
85rx-7 -
We are back stateside now, getting ready for the move! One of our cars will be shipped down there. Does anyone know, do you have to pay taxes on a car you bring into PR?
Yes, the tax is 10% but they value the car a lot higher than it is worth, so it really like 20-25% . For example, I brought over a 6 year old car with 70k miles that when it was new cost 14k. They valued it at 13k, so I had to pay $1, 300 for the tax.
Now you know why the pro-colony party is so desperate to have all these rich people move to Puerto Rico from the mainland
It's actually rather sad, the Popularrrrres claim to be "defending" the Spanish language and culture when in reality they are abusing their fellow Puerto Ricans for the benefit of the few ultra-wealthy people and big corporations.
Having rich people move to Puerto Rico might be a last attempt to revive an economy in free fall. Whether this move will be a success, is questionable. Stay tuned.
On the other hand, Statehooders don't seem to have a feasible economic plan that is not more welfare. Under statehood the companies that still are on the island might leave because of the imposition of federal taxes. Why pay federal taxes when you can move to another place with lower tax rates, transportation costs and lower minimum wages? No study has been mde on this so far!
Nonetheless statehooders were elated when the recent GAO study revealed that as a statePuerto Rico would get parity in Federal transfer funds running into billions more than what they receive today. However what stehooders failed to emphasize was that these funds were not to be used for economic development but to put thousands more on welfare. It gets worse. One statehood politician said that "7 out of 10 Puerto Ricans under statehood won't have to pay federal income taxes". If not Puerto Ricans , who? The American tax payer?
To make a long story short, the status choices before the Puerto Rican electorate and the big fights they create are only between Puerto Ricans, not among congressmen, where the final decision will be made. Puerto Ricans have designed a state made to order, with separate language, Olympic team, tax free investments, but also having 2 senators and 7 reps , all of which will be Democrats. There are more complications with the number of electoral college votes (7) and the Republican Party which will not budge on a massive state representation that might send them into eternal minority status.
I always have said, "when BIG BROTHER finally speaks and spells out what its willing to expect from its Caribbean colony", then we can seriously discuss any status choice. Until then its just a "Dime y Direte", a Tit for Tat, till snowballs freeze in hell.
Having rich people move to Puerto Rico might be a last attempt to revive an economy in free fall. Whether this move will be a success, is questionable. Stay tuned.
What I don't understand is why people seem to think that only the very wealthy will move to Puerto Rico because of 20/22. Let me be clear, I have never been a believer in 'trickle-down' economics; I think there are credible studies that show that it doesn't work. But when you have great regional discrepancies in taxes (ie. CA vs. PR tax rates for businesses), perhaps lower corporate taxes and no dividend taxes can attract new businesses to the island.
I think a great example is Houston. In Texas, there is no state income tax and sales tax is basically on par with most of the rest of the nation. What you get in Houston is a concentration of expertise; engineering, exploration and production, oil & gas & energy & finance. Houston is booming. Exxon just decided to relocate a bunch of their people to Houston.
Puerto Rico has the potential to be a Caribbean Wall St. The financial services sector will love the tax status and not just as a haven, but as a center of operations. If you think about it, it's a lot easier to move your business to PR than to Dubai or Singapore. Some 50% of Puerto Ricians speak English at a good-to-excellent level which is essential for interfacing with the rest of the US, but they also have the distinct advantage of being able to interface with Latin America as well.
I'm using the company I'm going to work for as an example: I am not rich, although compared with the median income in PR, I will be doing pretty well. But the company I am working for has relocated a number of professionals down to the island and I can't help but think that isn't good for the economy. They have also employed a number of professionals who are native to the island. So they are creating jobs both for PR'icans and bringing a 'professional-class' to the island which is going to spend lots of money on various things.
From what I have read, the biggest problem PR has is that it can't keep its professionals, its upper-middle-class people, who I think make up the backbone of a strong regional economy. For every business on the mainland that relocates to PR, think of how many realtors, bankers, attorneys, doctors, programmers, etc will have a chance to be employed.
I think in 5 years, Puerto Rico is going to be a very different place. And that's one of the things I am gambling on, that PR can not only offer me greater economic opportunity, but also be a place I can call 'home'.
But hey, I'm just a blanco Americano, so what do I know?
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
