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Right, so if there is substantially less tax burden why don't we see rapid development and prosperity?
by evanlivingston 9y ago
Right, so if there is substantially less tax burden why don't we see rapid development and prosperity?
- johnnymonster 9y agoWhen i visited there last year, and talked to residents, it appears there is a lot of corruption that goes on, which seems to do more harm than good to their economy.
- debacle 9y agoThat's not really the culture of Puerto Rico.
- ringaroundthetx 9y agoSay it like it really is
- ringaroundthetx 9y agoCrime Nobody wants to get started there because theyll get kidnapped and murdered Thats the perception anyway
- Xylakant 9y agoRead up on the Jones Act for example: https://www.vox.com/policy-and-politics/2017/9/27/16373484/jones-act-puerto-rico https://www.vox.com/policy-and-politics/2017/9/27/16373484/j... All shipping to PR has to happen via US companies on ships built in the US crewed with US citizens, increasing the price of any good shipped there (basically everything) Unsuprisingly, not having to pay taxes only offsets that to a certain point for people with somewhat normal incomes. And having rich people move there is of limited value if you basically waive all or most direct taxes.
- Aloha 9y agoAll shipping between US destinations - not all shipping.
- Xylakant 9y agoYes, true, the effect is the same. A ship from overseas passes by PR with goods for the island. It harbors there. It continues to the mainland, now it’s in violation of the jones act since it’s transporting goods between US ports. What are the huge cargo freighters going to do? Unload everything at PR? No. They’ll pass and unload at the mainland.
- SOLAR_FIELDS 9y agoMinor nitpick: they are not technically in violation of the act unless they actually onload cargo in PR, i.e. they could just offload at PR and continue on to mainland. The end result is the same though as merely offloading is not efficient so the ships always go to the mainland instead.