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)
“A society which is clamoring for choice, which is filled with many articulate groups, each urging its own brand of salvation, its own variety of economic philosophy, will give each new generation no peace until all have chosen or gone under, unable to bear the conditions of choice. The stress is in our civilization.”
—Margaret Mead (1901–1978)
“One theme links together these new proposals for family policy—the idea that the family is exceedingly durable. Changes in structure and function and individual roles are not to be confused with the collapse of the family. Families remain more important in the lives of children than other institutions. Family ties are stronger and more vital than many of us imagine in the perennial atmosphere of crisis surrounding the subject.”
—Joseph Featherstone (20th century)
“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)
“In the end we beat them with Levi 501 jeans. Seventy-two years of Communist indoctrination and propaganda was drowned out by a three-ounce Sony Walkman. A huge totalitarian system ... has been brought to its knees because nobody wants to wear Bulgarian shoes.... Now they’re lunch, and we’re number one on the planet.”
—P.J. (Patrick Jake)