Puerto Rico has become a popular tax haven for super rich Americans who take advantage of local laws, which allow them to avoid paying U.S. federal income taxes.
Over the last decade, thousands of wealthy Americans have built homes, started businesses and spent a significant amount of time in Puerto Rico, all in order to take advantage of the island’s tax code that exempts them from U.S. taxes. While just a few thousand have taken advantage of the law, the U.S. federal government has potentially lost out on hundreds of millions of dollars in tax revenue, according to the Internal Revenue Service (IRS).
“It’s being done, in a sense, in plain sight,” Peter Palsen, an international tax expert at the Washington D.C-area law firm Frost Law, told The Daily Caller News Foundation. “The IRS has the knowledge of who’s doing it.” Read More
The future of Puerto Rico’s botched primaries rested in the hands of the island’s Supreme Court as answers trickled out Monday on why voting centers lacked ballots and forced officials to reschedule part of the primaries in a blow to the U.S. territory’s democracy.
A plan to hold another primary on Aug. 16 for centers that could not open on Sunday could change depending on the ruling of a lawsuit filed by Pedro Pierluisi, who is running against Gov. Wanda Vázquez to become the potential nominee of the pro-statehood New Progressive Party. Joining the lawsuit was Puerto Rico Sen. Eduardo Bhatia, of the main opposition Popular Democratic Party. Read More
The Senate of Puerto Rico is set to hold public hearings Monday on the nomination of veteran politician Pedro Pierluisi to replace embattled former governor Ricardo Rossello, who resigned as promised Friday. Read More
by Chris White Thousands of protesters in Puerto Rico are demanding Gov. Ricardo Rosselló resign over corruption charges and what many believe are misogynistic private messages he shared with officials. Protesters hurled bricks, glass and fireworks, at police Wednesday evening in Old San Juan, Puerto Rico. Police fired tear… Read More