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Legislators across the country now have their eyes on a little-known experiment on the island of Puerto Rico this week.  At the beginning of the previous week, two major events occurred which could have national implications, and will, one way or another, prove to be an example to the rest of the country.

First, in a quick strike over the slow news cycle weekend, the legislature and the governor passed a law increasing taxes on 40-50 of the top manufacturing companies on the island.  The expected return is now suggested to be $5.8 billion over the next 6 years.  However, the concern becomes whether the negative effects of these tax increases will outweigh the positive return.  History has proven that organizations will make adjustments based on tax policy: sometimes companies reduce their payroll, sometimes they reduce their operations or overhead, and sometimes they move their operations elsewhere to take advantage of more favorable tax environments.  The question is not whether they will react, but how they will react.

On the following Monday, strategically timed to counteract the negative repercussions of the tax increase, a law was passed having the exact opposite effect for most of the rest of the island.  As the Puerto Rican Federal Affairs Administration states on their website: Read the rest of this entry »

You read correctly.  In reaction to record budget shortfalls on the island, the Puerto Rican legislature passed a bill raising taxes on some of the largest companies within its borders.  Then on Monday, the governor announced plans to reduce taxes on businesses and personal incomes, in an effort to jumpstart the economy.

We will provide an analysis in the coming days, but in the meantime you can read more in the following articles submitted through Reuters, respectively titled “Puerto Rico slaps new tax on offshore business” and “Puerto Rico unveils tax cuts to reignite economy.”  Read the rest of this entry »

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