Tax breaks for all [in Puerto Rico]

Puerto Rico Daily Sun ^ | October 26, 2010 | Raúl Colón

[Ebenezer]

ping

[RockinRight]

Is this good or bad by PR standards?

[RockinRight]

Other than the personal tax rates seeming too progressive I can’t say this is a bad plan. Although I don’t know what rates were before.

[illiac]

Since the US seemingly pays their way, I’m surprised they have any tax at all....

[cll]

We posted the same thing within moments of each other.

[cll]

Now in Front Page with full story.

Puerto Rico Ping! Please Freepmail me if you want on or off the list.

[AuH2ORepublican]

The current tax rates are quite a bit higher. In fact, the 33% bracket starts at only $50,000, and there is an additional 5% tax for dollars above $75,000 (which is phased out when the taxpayer has paid 33% taxes on all of his income). In addition, there is a temporary surcharge for persons making over $100,000, which is 5% of the amount paid in income taxes (so if you pay $30,000 in income taxes, you need to kick in an additional $1,500).

So this is a good start.

[Ebenezer]

Thumbs up!

[grobdriver]

People making less than $20,000 would not pay any tax

No "skin in the game", as it were.

[ryan71]

“People making less than $20,000 would not pay any tax”

All this is great but EVERYBODY should pay SOMETHING. Everybody should have a dog in the fight.

[Sergio]

The only thing I am against is the 0% for those making less than $20K. This folks should also pay, even it it's just a symbolic 1%. People should understand that you don't get something for nothing, and a good way to start eliminating the "entitlement" mentality, is to make sure that everyone contributes to the common good.

I say we keep an eye on this tax reform, and if it works, use it as an example of what we could do here on the mainland.

[Sergio]

Ya beat me to it. Great minds and all that...

[elpadre]

Any government smart enough to know less taxes mean a stronger economy at every level and enacts measures to activate such a plan needs to be congratulated.

This might be a good model for stateside governments to follow.

[Flavious_Maximus]

This is a good thing. The Governor of Puerto Rico is a conservative Republican. He speaks good English and is a rising star within the GOP.

[DainBramage]

Make 124,000 and take home more than someone making 130,000.

[DainBramage]

Make 124,000 and take home more than someone making 130,000.

[balls]

Now they should cut their rediculously high sales tax that has made it an expensive vacation destination. (I have cut back on my trips to PR since the sales tax was enacted.)

[cll]

Sean Hannity just mentioned this in his show.

[cll]

Sean Hannity just mentioned this in his show.