Republican Tax Reform includes 20% tax to products manufactured in Puerto Rico
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If the version of tax reform approved in the U.S. House Ways and Means Committee prevails at the end of the legislative debate, the already battered Puerto Rican economy will suffer a severe blow.
In a 24-16 vote, the lower chamber’s tax-writing committee approved a version of tax reform proposed by congressional Republicans that would establish a 20% tax on imported products that were manufactured outside the United States. For U.S. Internal Revenue Code purposes, Puerto Rico is a foreign jurisdiction.
The measure, was approved last week by the full House, also proposes reducing the corporate tax rate from 35% to 20% and granting a preferential rate of up to 14% for multinationals to repatriate foreign earnings.
The Senate also presented Thursday a summary of its version of tax reform, which would also be detrimental to the island, as it proposes an overall minimum tax of 12.5% that would impact imports from Puerto Rico to the US.
This tax is not only immoral but also will kill the Puerto Rican economy when the island needs more of our support. We need to raise awareness about this important issue and must take action now. Please sign and share this petition and more importantly call your elected officials in Washington. The US Capitol switchboard is (202) 224-3121. It is urgent that you take action as soon a possible since the US Senate plans to vote this week.
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