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If you are from Puerto Rico, or have any ties to the island at all, you know about Diageo. What was once considered a proud corporate partner to the island, contributing almost 200 good-paying jobs to the economy and millions in revenues and taxes, has become quite the pariah in the eyes of Puerto Ricans everywhere.
The issue revolves around Diageo’s (a British-owned liquor conglomerate) decision to move its operations from the U.S. territory to another nearby territory, The U.S. Virgin Islands, all at U.S. Taxpayers’ expense. Read the rest of this entry »
Written by Alan Bromley – Staff Writer New Patriot Journal
Wrapped inside the Troubled Asset Relief Program (TARP) lies a provision that gives a British rum-making corporation, Diageo, a tax break of $2.7 billion to move their facilities from Puerto Rico (where they resided for 30 years) to the U.S. Virgin Islands – and Puerto Rican politicians and activists are up in arms, finding Congress unwilling to make the tax laws comparable in both places, and even unwilling to be transparent about which politicians in Congress, if any, may have benefitted from the unusual tax break.
But they do know that embattled New York Congressman Charlie Rangel (D) as (past) chairman of the Ways & Means Committee, refused Read the rest of this entry »