Puerto Rico’s executive branch has the necessary staff, resources and commitment to take over managing and resolving the island’s fiscal issues and block out all of the “noise” coming out of the Legislature, veteran Economist José Joaquín Villamil recently said.
The Individual Retirement Account, best known as an IRA, is one of the few options that the Puerto Rico Internal Revenue Code provides as a tax shelter mechanism for tax relief when filing the income tax return. In addition, the IRA promotes the creation of a private and individual fund for the account holder’s eventual retirement.
The proposed amendments to the main public sector retirement system are as decisive as the crisis requires. However, the distribution of the burden is inappropriate because they represent little sacrifice on the part of the pensioners and a lot of sacrifice on the part of Puerto Rico's younger population.
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