For years it has been a customary practice to provide incentives to large foreign companies and chain stores that decide to land in Puerto Rico, from the very moment they plan to settle here.
After months of negotiation, U.S. House Republicans introduced a bill that would help Puerto Rico deal with its $69 billion debt that has crippled its economy, setting rules that would allow it to seek bankruptcy protection.
Puerto Rico is facing a severe fiscal crisis. Observers agree that the island’s public entities are unable to repay their debts on time and in full, making default and debt restructuring inevitable.
In the past 10 years, the size of the local economy has shrunk by 14 percent, total employment has dropped by 21 percent (more than 250,000 jobs) and the total population has decreased by 9 percent.
Every U.S. citizen is subject to the provisions of the United States Internal Revenue Code ("USIRC") regardless of their place of work or residence. Since people born in Puerto Rico are U.S. citizens, they are subject to the provisions of the USIRC.
One year ago, a family on vacation on St. John in the U.S. Virgin Islands was poisoned by methyl bromide, a harmful pesticide that was illegally applied below their rental condo.
More than 5 million individuals are processed by U.S. Customs and Border Protection officers in a year arriving from international destinations at all ports of entry in Puerto Rico and the U.S. Virgin Islands.
So, here we find ourselves. A mere eight months away from the general elections, with a cast of characters in the local ballot (at least the ones with chances of winning) that offer absolutely no chance of a solution to our insurmountable problems.
Very soon, the House Committee on Natural Resources is expected to release draft legislation designed to address Puerto Rico's chronic and serious financial woes.
In the years between 2009 and 2014, the economy of Puerto Rico had an inflow of funds (federal government and other sources) of about $110 billion.
With so many stories about teenagers getting rich after creating an app that goes viral, startups are becoming part of the mainstream media.
The San Sebastián Festival is always one of the best of the year, representing the culmination of the holiday celebration in Puerto Rico. This year proved to be even more special for another reason: more than 83,059 pounds of material was source-separated and recycled at the festival in Old San Juan.
The Puerto Rico Treasury Department has launched a series of embargoes on local businesses that have not been remitting collected Sales and Use Tax (“IVU”, for its Spanish acronym) to the government, nor their employees’ tax retentions.
Across-the-board spending cuts and tax increases, until recently, were the solution to deal with Puerto Rico’s debt and deficit. Today, the question on everyone's mind should be: how can we improve living conditions and promote spending to help jumpstart our stale economy?
Recent news coverage about Puerto Rico has focused on its high public debt and imminent default while, in U.S. Congress, powerful lobbies seem to hold more sway over Puerto Rico’s future than do more than 8 million U.S. citizens.
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