TV News LIES

Thursday, Jul 30th

Last update08:34:52 PM GMT

You are here News Economy Puerto Rico Beyond IRS Reach Woos Billionaire Fortunes

Puerto Rico Beyond IRS Reach Woos Billionaire Fortunes

E-mail Print PDF

Puerto Rico tax havenPuerto Rico occupies a space between foreign and domestic status with U.S. citizenship for residents, its own Olympic team and a tax system that allows individuals and companies the chance to elude the IRS.

The U.S. territory’s leaders are seeking to lure mainland residents such as hedge-fund billionaire John Paulson. Moving to Puerto Rico could allow Paulson and other top-earning taxpayers to shield future income from the Internal Revenue Service without giving up their passports.

Puerto Rico, eager for economic growth, is making an unusually direct pitch to wealthy Americans that risks a political backlash from Congress, said John Buckley, a former tax counsel for Democrats on the House Ways and Means Committee.

“They’re walking a fine line,” Buckley said. “This would be the first time that Puerto Rico would kind of deliberately erode the U.S. tax base for individuals.”

Already, 10 Americans have taken advantage of a year-old Puerto Rico law that lets them avoid local and U.S. capital gains taxes by signing agreements with the territory’s government. Paulson, a 57-year-old New Yorker, is considering such a move, according to four people who have spoken with him about it, Bloomberg News reported March 11.

TVNL Comment: Not only are hedge fund operators given a 15 percent tax rate, but they also have tax havens like this. It never ceases to amaze....

More...


Most Recent Related Stories...


Social Security Disability Fund Will Run Dry Next Year

SS funds to run outThe 11 million Americans who receive Social Security disability face steep benefit cuts next year, the...

Obama acts to extend overtime pay for millions

ObamaSalaried workers who earn nearly $1,000 per week would become eligible for overtime pay under a...

Microsoft hangs up on Nokia business, to cut 7,800 jobs

MicrosoftMicrosoft Corp (MSFT.O) said on Wednesday it would cut 7,800 jobs, or nearly 7 percent of...

Massachusetts Home Care Workers Win Fight For $15

Home care workersMassachusetts home care workers have notched the latest victory in the Fight for $15.Under an agreement...
 
America's # 1 Enemy
Tee Shirt
& Help Support TvNewsLIES.org!
TVNL Tee Shirt
 
TVNL TOTE BAG
Conserve our Planet
& Help Support TvNewsLIES.org!
 
Get your 9/11 & Media
Deception Dollars
& Help Support TvNewsLIES.org!
 
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!