Puerto Rico Tax Incentives Scrutinized for Costing Hundreds of Millions
Update: 2025-12-13
Description
Puerto Ricos tax incentives, attracting wealthy Americans for over a decade, face scrutiny due to potential costing of hundreds of millions annually. A new report from the U.S. Government Accountability Office urges IRS to enhance oversight, as some individuals may not meet federal tax obligations. The report, requested by Democrats, found over 5,800 resident investor decrees and nearly 3,900 export service business decrees since 2012, primarily from California, Florida, New York, and Texas. The IRSs effort to address tax evasion concerns has been slow due to complexity and communication gaps. Critics argue these incentives contribute to inequality and steal federal tax revenue, while supporters claim they generate jobs and investments.
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