Wednesday, December 21, 2016

REUTER'S REPORT ON PUERTO RICO's ECONOMY

The investigative work 
below, written 
by Nick Brown
, published in Reuters, is one of the best I have seen recently on Puerto Rico's use as an offshore tax shelter and as a tax haven to benefit the corporations and the very rich locals. It portrays the dire consequences of this tax evasion scheme to our island and the millions of US Citizens who live in the US Territory. 

In the US Territory of Puerto Rico, the wealthy elite and the CFC's (Corporate Welfare Corporations), do not pay federal or state taxes. Only the working class pay taxes. That is why we in Puerto Rico have an economic crisis. The dwindling working class does not earn enough money or has any work to pay enough taxes to support the island for those who don't pay. 

With the exception of the very wealthy elite, the rest of us are living the last stages of the long term economic destruction of Puerto Rico. Worse yet, as US citizens since over a hundred years, we have never had representation in the US Congress or have been able to vote for the President of our country to help us solve these problems.  Some inconsiderate people in Washington still blame us for our economic crisis, especially while dining and cocktailing in their elegant exclusive Fundraisers held by our local wealthy elite lobbying CONGRESS for more tax breaks.

And...also preventing anyone else from the island to have any relationship with Washington, lest they tell Congress or the President, the truth about the hanky panky with taxes that is going on down in Puerto Rico, the US Tropical "Paradise" for a few. 
We who live in Puerto Rico, are not allowed to elect the President or Members of Congress, but we know the local elite are lobbying in Washington to see what other forms of corporate tax gimmick they can come up with to exploit the IRS and the US citizens in Puerto Rico.

This has the blessing of the local elite billionaire wealthy class (who have a way of avoiding paying taxes in US and in PR), and their personally selected, "elected" political leaders from their own "insiders"crowd. People in the 50 states pay taxes and their quality of life is much better. They work, they pay taxes, and have a good life, like everyone else. Puerto Ricans are denied that life in Puerto Rico, USA. So they give up and leave the island. 

But, who do we have to represent us or tell our real story in Washington? 
Who in Congress cares? 
Congressman Don Young from Alaska! Young has gone way beyond the call of duty to help Puerto Rico since the 90's without much help from the Republican establishment. He introduced a bill to Incorporate PR in the '90.s and Puerto Rico would have entered the economic model of the United States and the IRS. That would have solved our economic problems. BUT OH!!!Some in Puerto Rico might have to pay a lot of taxes!! So...it was boycotted and objected, by the "pro-statehood" party.

I also worked closely with Senator Pryor on the Section 936 issue, who is mentioned in this article and have a letter of appreciation from him, There are have not been many Senator Pryor in Congress since then...

That is why I publicly thank Reuters and Nick Brown, who think it is important enough to send a person down to Puerto Rico and hear what the people have to say. I hope many in Washington read this article. I will do all I can to circulate it. I ask you to help us by doing the same. Maybe we can get someone interested in knowing the truth.
Miriam J Ramirez MD (MJR)
mjean1@gmail.com
________________
REUTERS
"Microsoft Corp has reaped huge tax savings through its Puerto Rico manufacturing subsidiary while creating relatively few jobs. The subsidiary reported $4 billion in profits in 2011 but paid only about 1 percent of that to Puerto Rico’s government and nothing to the U.S. government, according to a 2012 probe into corporate off-shore tax practices by the U.S. Senate Permanent Subcommittee on Investigations. The Puerto Rico subsidiary employed just 177 people with an average salary of $44,000, but retained an outsized share of Microsoft’s U.S. earnings because Microsoft found ways to shift profits generated elsewhere to Puerto Rico, the subcommittee reported."
MORE: http://www.reuters.com/investigates/special-report/usa-puertorico-economy/