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Politics : Politics for Pros- moderated -- Ignore unavailable to you. Want to Upgrade?

To: LindyBill who wrote (557731)	6/26/2014 5:49:58 PM
From: Brian Sullivan	Respond to of 794335

Bill, It looks like Puerto Rico might give Hawaii a run for best places to retire too. It now appeals to your libertarian tax sensibilities. I don't see why this is limited to just the "super-rich". Puerto Rico: Tropical Tax Haven for America's Super-Rich businessweek.com Struggling to emerge from an almost decade long economic slump, the Puerto Rican government signed a law 18 months ago that creates a tax haven for U.S. citizens. If they live on the island for at least 183 days a year, they pay minimal or no taxes. Under Puerto Rico’s new rules, an individual who moves to the island pays no local or federal capital gains tax and no local taxes on dividend or interest income for 20 years. Even someone working for a mainland company who is a resident of the island would be exempt from paying U.S. federal taxes on his salary. Moving to the island won’t kill all taxes: U.S. citizens still have to pay federal taxes on dividend or interest income from stateside companies. About 200 traders, private equity moguls, and entrepreneurs have already moved or committed to moving, according to Puerto Rico’s Department of Economic Development and Commerce, and billionaire John Paulson is spearheading a drive to entice others to join them. Paulson, who made $15 billion for himself and his investors betting against U.S. mortgages during the financial crisis, helped start the wave of transplants last year, when he considered moving to the island. Paulson cited excessive media attention as his reason for staying put in the States. The press reports had an unintended consequence, though: Word quickly spread to other wealthy individuals that Puerto Rico wanted them.