Losing Puerto Rico

President Biden is right. The tax code is not fair and the wealthy should pay their fair share. That’s why he should demand that Congress close the Act 22 tax loophole! Learn more: https://www.facebook.com/share/v/EDbpfCbjfhYvQzxn/?mibextid=WC7FNe

Bravo Congressman Chuy García for joining growing chorus calling to . Congress must close this dangerous tax loophole today.

Congress can and should legislate to prevent more billionaires from gentrifying Puerto Rico and depriving communities stateside of needed tax revenues for essential services: https://x.com/losingpr/status/1704598140085567997?s=46&t=nahRDoXKxkOPJxWlM8mJSA

Why is this a problem Congress needs to fix? Learn more at www.LosingPuertoRico.com

Act 22 is a Puerto Rican law that allows rich outsiders to move to the island and evade most US and Puerto Rico taxes. All they have to do is buy a home and live part of the year on the island, among other minor requirements. If you live in Puerto Rico already, these benefits are not available to you.
Puerto Ricans are losing their homes and neighborhoods. Rich outsiders are receiving massive tax breaks, not available to locals, and pricing out long-time residents. This is not typical gentrification. Puerto Rico is a US colony and is the only place on Earth where Americans can move to and not pay US income taxes. Meanwhile, many Puerto Ricans can no longer afford to live in their own homeland. Puerto Rico is losing Puerto Ricans.
Wealthy individuals, crypto investors and other rich outsiders, mostly Americans, are gaming the system and depriving the US, their state and local community, and Puerto Rico of badly needed tax revenues to provide for essential services.

We’re calling on Congress to end the Act 22 loophole so rich Americans stop moving to Puerto Rico and live tax free, while Puerto Ricans are being displaced from their island.
/
La Ley 22 es una ley puertorriqueña que le permite a extranjeros ricos mudarse a la isla y evadir la mayoría de los impuestos estadounidenses y puertorriqueños. Solo tienen que comprar una propiedad y vivir parte del año en la isla, entre otros requisitos menores. Si usted ya vive en Puerto Rico, estos beneficios no le aplican.
Los puertorriqueños están perdiendo sus hogares y comunidades. Los extranjeros ricos están recibiendo alivios de impuestos que no están disponibles para los residentes locales. Esto encarece el costo de vida para los boricuas y no es una gentrificación típica. Como colonia de los Estados Unidos, Puerto Rico es el único lugar en el mundo donde los estadounidenses se pueden mudar y no pagar impuestos a los EE.UU. La carga económica pesada la llevan los puertorriqueños, que ya no puedan seguir viviendo en su propia patria. Puerto Rico está perdiendo puertorriqueños.