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Hawaii 2.0. If enough wealthy English speaking U.S. citizens move there, they can use their resources to take over the local government, then Puerto Rico would be on the path to become a state.
Puerto Rico is a tax haven for mainlanders, neither statehood or independence will be granted.
Is not what is cracked up to be. With any law especially tax laws you have to read the fine print and details. You still have to move and be a full resident of Puerto Rico and pay Puerto Rico's taxes and high cost of electricity and doing business in Puerto Rico which everybody that lives there knows isn't cheap.
Puerto Rico is a tax haven for mainlanders, neither statehood or independence will be granted.
Quote:
Originally Posted by SanJuanStar
Is not what is cracked up to be. With any law especially tax laws you have to read the fine print and details. You still have to move and be a full resident of Puerto Rico and pay Puerto Rico's taxes and high cost of electricity and doing business in Puerto Rico which everybody that lives there knows isn't cheap.
Both points are noted. It's a moot point either way.
I do love it how these vultures wax poetic about act 60 like its a god given right, then proceed to lament the "riff raffy" feel to physically dwelling in the island as bona fide residents. You can't make this ethnocentric sh---t up if you tried. Unreal, these carpetbaggers.
Look, from my perspective as a migrant by economic duress, the problem with PR is the personal income tax tables. 33% on income above 60 is a nonstarter. That's higher than California even if you subtract federal income tax tables from that 33%, which is an incredibly charitable hypothetical in the first place. They suffer a LOT of brain drain from that, as most of the middle class that moves away are by and large (myself included), members of the W-2 class.
People who remain on the island (low earners, and bona fide tax cheats, know many of them) don't speak much about it because either their wage is below 60K so doesn't hit them hard, or they're cheating on their taxes under a system so understaffed it's practically a freebie. And that's not Anglos btw, that's the people who proudly declare "no me quito" like it's some sort of own against us "quitter" diaspora economic casualties. A rank True Scotsman fallacy if I ever heard one.
Fix the income tax for locals, the rest will follow. It's not complicated, but just like statehood and independence, it too is unlikely to happen in our collective lifetimes. Open to stand corrected on that account of course.
Last edited by hindsight2020; 04-09-2022 at 02:34 PM..
^^^^ LOL. People wanting free or cheap stuff? That is as American as apple pie especially in blue states. Tritone just has personal issues with Puerto Rico. Who took his lunch money in school, that's all I want to know.
42,234,562? I didn't know somebody can count that high. What's next, Puerto Ricans are aliens, from another planet? American exceptionalism on steroids.
Puerto Rico is a tax haven for mainlanders, neither statehood or independence will be granted.
Please, like less than 1% of the population are doing anything with Act 60. Some of those opportunities are even available for native Puerto Ricans, some require you hire local talent. The benefits outweigh the negatives for PR which is why it was created by Puerto Ricans! If anything the costs locally go up each year for the mainlanders to benefit from this. That money stays in PR.
Section 936 would be more akin to the economic benefits you purport, if nothing else by virtue of scale. Act 60 otoh is virtue signaling to rich onesy twosies who end up cheating on the residency requirements anyways.
Just like US Congress has a lopsided % of representation when it comes to legislation passed as a function of popular support (aka what doesn't pass, is usually what's supported by the bi-partisan voting majority and vice versa), Act 60 has inverted correlation with popular support for economic policy among residents of the island. Act 60 is very unpopular among non-Anglo residents, for self-evident reasons.
Section 936 would be more akin to the economic benefits you purport, if nothing else by virtue of scale. Act 60 otoh is virtue signaling to rich onesy twosies who end up cheating on the residency requirements anyways.
Just like US Congress has a lopsided % of representation when it comes to legislation passed as a function of popular support (aka what doesn't pass, is usually what's supported by the bi-partisan voting majority and vice versa), Act 60 has inverted correlation with popular support for economic policy among residents of the island. Act 60 is very unpopular among non-Anglo residents, for self-evident reasons.
Million PR natives take advantage of the mainland for a better life. Good for them!
Few thousand Mainlanders come to PR for a better life. Bring out the pitchforks!
Million PR natives take advantage of the mainland for a better life. Good for them!
Few thousand Mainlanders come to PR for a better life. Bring out the pitchforks!
I know what you're trying to get at, but that migration analogy doesn't follow for the following reason: taxation double standards. As a Texas resident, I pay my property taxes under the same rules as everybody else here, native or not. I don't get a special dispensation because I hail from PR.
The same cannot be said about Act 60. Whether you like to admit it or not, the most frequently asked question in the context of Act 60 is how to go about residency requirement skirting. IOW, they're looking for tax evasion but dwelling in the place is beneath them. The temerity.
If you think Act 60 holders aren't breaking the residency rules on the regular, I have a scenic timeshare in Aleppo I could sell you for a good price.
I know what you're trying to get at, but that migration analogy doesn't follow for the following reason: taxation double standards. As a Texas resident, I pay my property taxes under the same rules as everybody else here, native or not. I don't get a special dispensation because I hail from PR.
The same cannot be said about Act 60. Whether you like to admit it or not, the most frequently asked question in the context of Act 60 is how to go about residency requirement skirting. IOW, they're looking for tax evasion but dwelling in the place is beneath them. The temerity.
If you think Act 60 holders aren't breaking the residency rules on the regular, I have a scenic timeshare in Aleppo I could sell you for a good price.
So people in PR are trying to skirt paying taxes....this is expected. Audit them. Check trades made while out of Puerto Rico. Not too difficult to do. Cause any trades made out of PR are subject to normal taxation.
Bottom line it's a small amount of people. Those who complain act as if they kicked them out it would solve all the ills of the island.
The complaints from the politicians is just noise to cover up the facts that they have no idea how to fix anything.
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