Economy
In September 2005 City Mayor William Miranda Marin levied the first Municipal tax in Puerto Rico via city ordinance. Area Merchants now charge a one cent tax for every dollar spent on all retail businesses. The tax has become known around the island as the "Willie Tax." It resulted in an estimated $500,000 monthly income for the city. However, the municipal tax was increased to 1.5% after the establishment of the 5.5% state tax for a total of 7%.
During 2006, Miranda Marin began calling Caguas "El Nuevo Pais de Caguas" ("The New Country of Caguas").
Read more about this topic: Caguas, Puerto Rico
Famous quotes containing the word economy:
“The basis of political economy is non-interference. The only safe rule is found in the self-adjusting meter of demand and supply. Do not legislate. Meddle, and you snap the sinews with your sumptuary laws.”
—Ralph Waldo Emerson (1803–1882)
“War. Fighting. Men ... every man in the whole realm is in the army.... Every man in uniform ... An economy entirely geared to war ... but there is not much war ... hardly any fighting ... yet every man a soldier from birth till death ... Men ... all men for fighting ... but no war, no wars to fight ... what is it, what does it mean?””
—Doris Lessing (b. 1919)
“The aim of the laborer should be, not to get his living, to get “a good job,” but to perform well a certain work; and, even in a pecuniary sense, it would be economy for a town to pay its laborers so well that they would not feel that they were working for low ends, as for a livelihood merely, but for scientific, or even moral ends. Do not hire a man who does your work for money, but him who does it for love of it.”
—Henry David Thoreau (1817–1862)