TV News LIES

Friday, Jan 27th

Last update08:12:46 AM 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...


Spotify to trim 6% of workforce in latest tech layoffs

Spotify to lay off 6% of workersSpotify Technology SA (SPOT.N) said on Monday it plans to cut 6% of its workforce and...

Microsoft to lay off 10,000 employees starting Wednesday; roughly 5% of workforce affected

Microsoft layoffs Microsoft announced thousands of job cuts this week, becoming the latest tech company to pluck its workforce as...

Google to lay off 12,000 employees, the latest tech giant to cut thousands of jobs

Google cutting 12,000 jobs Google announced Friday that it planned to cut about 12,000 jobs, joining other tech giants who are downsizing staff...

Amazon Layoffs Climb To 18,000 Employees As Tech Giant Moves To Cut Costs

Amazon layoffs climb to 18,000 Amazon told employees Wednesday it would eliminate 18,000 jobs across the company, much more than previously...
 
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!