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.
....Wish the article provided any actual details. So far all we know it's just more of the same back and forth between the fiscal board and the bondholders. I have two pensioner parents in the island, and the proposal earlier this year for a sliding scale cut from zero to 8 odd percent hasn't been adjudicated by the federal judge. That article is click bait garbage afaic.
It matters not. The austerity measures have largely already been enacted. Most pensioners are former working poor anyways, which is why more than 70% of these won't get cut, unless you want an immediate humanitarian crisis befall squarely on the lap of the 27th State, and I'm not being hyperbolic. The median benefit of the ERS is 1,200 bucks for Christ Sake.
My parents' pensions are on the higher bracket, so they'll face cuts. Combined with re-assessments to the way the island valuates property taxes, it might outright gentrify them off the island as well. They'll probably hunker down to a paid off property and consolidate, then I'll have to drag the surviving one kicking and screaming when one dies and the other loses medical independence. You won't read these stories in these pro-corporate rags though.
Meanwhile, Anglos are given Act 20/22 charter letters for legal complete income tax avoidance
so they can blog about Rincón like they're Cristóbal Colón reborn. But if this Puerto Rican right here wants to move home and build upon on the real estate my parents raised me in, I get stuck with a 33% income tax bracket with income over measly 61.5K. Yeah buddy.
Just heard the PRANG lost their flying mission altogether, so there goes any chance I'd ever transfer back home without losing the livelihood I've worked two decades to attain in Texas (not my top pick for retirement location in the least, I tell you that much). Ditto for those currently employed in the island of my generation. Pay-go for all my brothers. 401K nonsense in an island with median incomes half of the poorest state in CONUS, but Hawaii costs of living. gtfo here. Ibiza is almost upon us.
But hey they ousted the manager of the week over insensitive tweets so yai "compatriotas"....meh. As I said before.#nowwhat?
.
Meanwhile, Anglos are given Act 20/22 charter letters for legal complete income tax avoidance
so they can blog about Rincón like they're Cristóbal Colón reborn. But if this Puerto Rican right here wants to move home and build upon on the real estate my parents raised me in, I get stuck with a 33% income tax bracket with income over measly 61.5K. Yeah buddy.
it's restricted to english or people of english descent?
the 37% corp income tax in PR is absurd, the island has always hamstrung local businesses.
it's restricted to english or people of english descent?
the 37% corp income tax in PR is absurd, the island has always hamstrung local businesses.
The book answer is: 15 years not having been a bona fide resident of the island. Aka not 1st generation folks in the aggregate. I made the inflection 'Anglo' to reflect the demographic most visibly gentrifying the coastal enclaves, not to suggest it's an actual racial/ethnic requirement by the statute. But you knew that already, no need to to play dumb semantics in order to white knight for those who are currently profiteering from the Act 20/22. If you're cool with Puerto Rico's gentrification at the hands of opportunist vulture mainlanders you can just say so. No need to play semantics.
As to the corp income tax, agreed. But let's not whitewash the personal income tax brackets, which are equally draconian. I argue more so based on the low labor compensation levels of the proletariat in the island, which effectively make a US median wage a non-starter in the island, since you're taxing a 60K earner at the same rate the same citizen gets taxed in CONUS if he/she made 191K. As such, 80% of the income tax generation is borne by 8% of the population, which is precisely the population that is pulling chocks on a permanent basis (as opposed to the low skill low wage workforce, that is more of a ping pong population between South, Central Florida, and the island).
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.
