The Truth About Puerto Rico’s Act 20 & Act 22 Tax Benefits – By Alex Brio

Alex Brio made these  comments about our Act 20 & Act 22 videos that is worth considering:

U need to be careful with PR…

The problem with PR is that PR is a colony and the US Congress has FULL control over them. Recently the congress – both democrats and republicans where “questioning” law 20 and 22 on its “constitutionality”. That law is being used to “hide” billions of dollars and not have to pay “federal income taxes” to the US Government and only 4% to PR.

In the past few months the congress and the US supreme courts have “reversed” many of their laws – including their “bankruptcy” law unconstitutional. If PR would have been an independent country – they would have had control over their laws. But as it stands today – PR has no saying in their laws. Back in the 90’s – there was another situation (936) regarding this with corporate taxes and the congress strip away that law and charged billions of dollars in taxes to us corporation hiding/evading taxes in PR. This law 20/22 is the same concept BUT they “lure” people with money to hide it in PR. The congress is already looking into this. Look it up online… I know u probably won’t read this comment – but for those out there thinking about it – keep this in mind.

I already got burned by Puerto Rico twice.. It won’t happen a third time… PR taxes for those making over 60k (yes – 60k) is around 40% – opposed to the 4% they are charging with law 20/22. If the supreme courts or the congress “reverts” law 20/22 – u will end up stuck with a 40+% tax rate on PR taxes… On top of that u have Federal Taxes (if ur money was earned in the US). For those that think that PR does not pay Federal Taxes – all corporation and individuals (working for the federal government or individuals working from home with a comp not located in PR or earning $$ from the US) needs to pay federal income taxes and local PR taxes (if you make less than 60k, u pay from 7-25%… anything over 60k + 1 dollar is 40% taxes. anything over 70k is around 45%. Since PR is not a state you cannot itemize your federal income taxes – in case u need to fill fed taxes)

In addition – PR is a country with an extremely HIGH crime rate. It is estimate that around 3B dollars per yr in drugs passes thru the island. Because of this – the rate of violence is extremely “HIGH” when compare to any other state. I believe PR is second or third most violent country in Latin America (The last time I check – they where behind Guatemala in terms of the most violent places). When compare to the states – I believe they were in the top 5. You can check this info online. Its public. That’s ur answer regarding the “spider” bars…

In terms of “Service” – (Medical, Government, etc) – EVERYTHING is extremely “slow” and “inefficient”. If you call 9-1-1 and ask for “help” from the COPS/Ambulance – you have a 50-50 chance they will show up – 12 hours later. If they show up – it will probably be after you are dead. I’m not exaggerating…

Another thing is that in one of my trips – I got a speeding ticked. In the US – you can pay those with a CC online. In PR you have to “waste” two days just to pay a ticket. When I went to pay my ticket, they told me “This is the Line”. After I was in the line for around 5 hours – when it was my turn, they told me “ohh no – its not this line its the other one”.

By the time I got to the other line, they told me i had to “return” the next day because it was about to close. I went back the next day and they sent me to the line where they had “previously” told me it wasn’t. When I told the employee – they moved to to the other line. It took me 2 days to pay a 50 dollar ticket. It seems that in PR no one knows nothing – not even the employees that are being paid to do the job. PR is very inefficient in everything they do.

If you are looking for a Stable place – look at Costa Rica or Panama. There you won’t have to deal with the issue of “the colony” of PR nor the inefficiencies of PR.

FYI: Law 20/22 is not a law that came out of the US Congress to “HELP” PR. This Law was “created by PR” to lure “rich” people to invest in the island. The prob is that in the US there are laws that prevent “stuff” like this happening in the states and that’s why some in the congress were questioning its “constitutionality” because PR is supposed to go by the US Laws – even though they are not a state. The same rules apply to all territories. There are videos of many democrats and republicans questioning that law… as recent as a month or two ago. Even Elisabeth Warren was “asking” questions.

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