PIP Stance On Puerto Rico's Economic Crisis and Taxation System
During the 2005-2007 Puerto Rico economic crisis, the Puerto Rican Independence Party submitted various bills that would have taxed corporations making $1 million or more in annual net profits an extra ten percent above the average tax rate these corporations pay, which hovers around 5%. The PNP and the PPD parties amended the bill, taxing the corporations the traditional lower rate, while the general population was taxed at a ceiling of about 33.3% for income tax plus a 7.5% sales tax. Despite objections presented by the PIP, the PNP and PPD also allowed the companies to claim the additional tax as a credit on next year's bill, making the "tax", in effect, a one-year loan. Puerto Rico has been said "There is no place in the territorial limits of the United States that provides such an advantageous base for exporters. " Because of this, many US companies moved their headquarters and manufacturing facilities there. This is why the PNP and PPD believed the tax increase would exacerbate the problems
Read more about this topic: Puerto Rican Independence Party
Famous quotes containing the words stance, economic, crisis, taxation and/or system:
“For good teaching rests neither in accumulating a shelfful of knowledge nor in developing a repertoire of skills. In the end, good teaching lies in a willingness to attend and care for what happens in our students, ourselves, and the space between us. Good teaching is a certain kind of stance, I think. It is a stance of receptivity, of attunement, of listening.”
—Laurent A. Daloz (20th century)
“America is no place for an artist: to be an artist is to be a moral leper, an economic misfit, a social liability. A corn-fed hog enjoys a better life than a creative writer, painter, or musician. To be a rabbit is better still.”
—Henry Miller (1891–1980)
“It is necessary to turn political crisis into armed crisis by performing violent actions that will force those in power to transform the military situation into a political situation. That will alienate the masses, who, from then on, will revolt against the army and the police and blame them for this state of things.”
—Carlos Marighella (d. 1969)
“The Government is able to afford a suitable army and a suitable navy. It may maintain them without the slightest danger to the Republic or the cause of free institutions, and fear of additional taxation ought not to change a proper policy in this regard.”
—William Howard Taft (1857–1930)
“I confidently predict the collapse of capitalism and the beginning of history. Something will go wrong in the machinery that converts money into money, the banking system will collapse totally, and we will be left having to barter to stay alive. Those who can dig in their garden will have a better chance than the rest. I’ll be all right; I’ve got a few veg.”
—Margaret Drabble (b. 1939)