Sunday, July 27, 2014

PUERTO RICO - AFTER A LONG STRUGGLE, IS THERE STATEHOOD AT THE END OF THE TUNNEL?

For over 30 years I have been lobbying Congress, as a grassroots leader and as a State Senator to make people aware of this offshore tax evasion scheme. I have sent out letters; I created this blog, I joined various groups in the US against Corporate Welfare, and much more, all to call out to the US and the world, to end this scandalous tax evasion scheme which has hurt Puerto Rico and the United States tax payer for over 70 years. 

They have been moving their US companies and US jobs to Third World Countries, where they pay low salaries to poor needy people while using offshore tax evasion schemes to scam the US Treasury. 

It is the fundamental reason of why Puerto Rico's Status has not been resolved, to the detriment of the US Citizens of Puerto Rico, a United States Territory. These powerful economic  establishments from the US and Puerto Rico, have used their economic and political power to get the IRS to classify and keep Puerto Rico as a foreign country for tax purposes.

As a result, this has kept the US Citizens in Puerto Rico from becoming a state and exercising the most basic right of democracy, which is Representation in Congress and voting for the President of the US. 
Miriam Ramirez MD
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In this week’s address, the President continued his call for our nation to rally around an economic patriotism that says rather than protecting wasteful tax loopholes for a few at the top, we should be investing in things like education and job training that grow the economy for everybody.

The President highlighted the need to close one of the most unfair tax loopholes that allows companies to avoid paying taxes here at home by shifting their residence for tax purposes out of the country. The President has put forth a budget that does just that, and he has called for business tax reform that makes investment in the United States attractive, and creates incentives for companies to invest and create jobs here at home. And while he will continue to make the case for tax reform, the President is calling on Congress to take action and close this loophole now.

Friday, July 25, 2014

PRESIDENT OBAMA CUTS OFF PUERTO RICO FROM OBAMACARE!

Territories Eliminated from Obama Care
WSJ
Juy 21, 2014
The White House issues another illegal exemption.
Last week's burst of world disorder was ideal for a news dump, and the White House didn't disappoint: On no legal basis, all 4.5 million residents of the five U.S. territories were quietly released from ObamaCare. Where does everybody else apply?

The original House and Senate bills that became the Affordable Care Actincluded funding for insurance exchanges in these territories, as President Obama promised when as a Senator he campaigned in Puerto Rico, the Virgin Islands and other 2008 Democratic primaries. But the $14.5 billion in subsidies for the territories were dumped in 2010 as ballast when Democrats needed to claim the law reduced the deficit.

As a consolation, Democrats opened several public-health programs to the territories and bestowed most of ObamaCare's insurance regulations, which liberals euphemize as "consumer protections," such as requiring insurers to accept all comers and charge the same premiums regardless of patient health. "After a careful review of the law," said Health and Human Services in a 2012 letter, HHS granted the territories' request to apply these rules "to the maximum extent permitted by law."
MORE: http://online.wsj.com/articles/territories-free-of-obamacare-1405896906

Thursday, July 24, 2014

CORPORATE WELFARE - “I don’t care if it’s legal,” Obama declared. “It’s wrong.”

Obama wants limits on tax-driven mergers by US companies overseas

AP - July 24,2014
LOS ANGELES — Staking out a populist stand ahead of the midterm elections, President Barack Obama on Thursday demanded “economic patriotism” from U.S. corporations that use legal means to avoid U.S. taxes through overseas mergers.

“I don’t care if it’s legal,” Obama declared. “It’s wrong.”

Obama and congressional Democrats are pushing to severely limit such deals, a move resisted by Republicans who argue the entire corporate tax code needs an overhaul. At issue are companies that enter into arrangements with foreign companies, shifting their tax addresses overseas while retaining their U.S. headquarters.

“They’re technically renouncing their U.S. citizenship. They’re declaring they are based someplace else even though most of their operations are here,” Obama said at a technical college in Los Angeles. “You know, some people are calling these companies corporate deserters.”
MORE: http://www.caribbeanbusinesspr.com/news/obama-wants-limits-on-tax-driven-mergers-by-us-companies-overseas-99042.html

THE END OF CORPORATE WELFARE (ELA*) IN PUERTO RICO - TRANSITION TO PUERTO RICO STATEHOOD TO BEGIN

The use of the US Territory of Puerto Rico as an offshore tax shelter for US Corporations is the reason why Puerto Rico has not been admitted as a State of the Union. The beneficiaries of this enormous tax evasion scheme have used their power and money to prevent PR from becoming a state.

That's why my 30-year battle against this outrageous Tax Evasion Benefit. Corporate Welfare and Special Tax breaks for the rich, have benefited a few for almost a century and kept the US Citizens of Puerto Rico, a territory of the US, without basic rights.

Today I am proud to say that Corporate Welfare seems to be coming to an end.  We thank all our anonymous advisers and supporters who have never given up and help along this very difficult way. The battle is not yet won... but remember, this is a David vs Goliath fight. We thank Luis and Jose and others. You know who you are...

Puerto Rico a US Territory with US citizens for over 100 years is the largest victim of Corporate Greed. Greedy politicians in Puerto Rico, a US Territory of American citizens, in alliance with interested sectors in the island, including corporate lobbyists, CFC's, the local opposition parties, workers unions, local Banks, etc. have lobbied Congress for decades to obtain tax exempt privileges for US Corporations who do business in Puerto Rico. 

This has consisted in obtaining legislation that created IRS Codes to define Puerto Rico as a foreign country for tax benefit purposes. CFC (Controlled Foreign Corporations) does not mean they are foreign, it means Puerto Rico is foreign! This is a legal violation of the US Constitution Territorial Clause. 
IT WAS TIME TO END THIS SITUATION! LET'S WELCOME TO STATEHOOD FOR PUERTO RICO. - MJR
 
MJR & 51 STAR AMERICAN FLAG
INCLUDING PERTO RICO's STAR
1980
Obama presses to close corporate tax loophole 'inversions'
 by JEFF MASON
LOS ANGELES, July 24 Thu Jul 24, 2014 6:00am EDT
REUTER


U.S. President Barack Obama will call for an end to a corporate loophole that allows companies to avoid federal taxes by shifting their tax domiciles overseas in deals known as "inversions," White House officials said.

Obama will make the comments during remarks about the economy at Los Angeles Technical College. The president is in California on a three-day fundraising swing for Democrats. 

So-called inversion deals occur when a U.S. company acquires or sets up a foreign company, then moves its U.S. tax domicile to the foreign company and its lower-tax home country.

Nine inversion deals have been agreed to this year by companies ranging from banana distributor Chiquita Brands International Inc to drugmaker AbbVie Inc and more are under consideration. The transactions are setting a record pace since the first inversion was done 32 years ago.

Several Democrats have offered bills to curb inversions, which let companies cut their taxes primarily by putting foreign earnings out of the reach of the Internal Revenue Service. Obama will throw his weight behind the Democratic bills, calling for a rule change that would deem any company with half of its business in the United States to be U.S.-domiciled.

The proposed changes, already put forward in Obama's annual budget, would be retroactive to May of this year and implemented independently of moves to achieve broader tax reform. 

"We have seen increased activity from companies in the inversion space and as a result the president's view ... is that we should be acting as quickly as possible," a White House official told reporters on a conference call. "That will buy us more time and space to ... reform our tax code as a whole."

Republicans prefer a change to inversions to be part of an effort to reform the U.S. tax code. The White House supports broad tax reform but argues that action on inversions is needed now.
MJR Raising US FLAG
"We can't afford to wait to reform our tax code completely to deal with inversion," the official said, adding that such deals would cost the United States an estimated $17 billion in revenue over the next decade. (Additional reporting by Kevin Drawbaugh in Washington; Editing by Ron Popeski)

* ELA - ESTADO LIBRE ASOCIADO - US Territory of Puerto Rico