Boots & Sabers

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1310, 06 Dec 15

Puerto Rico Seeks to Loot Wal-Mart to Pay Record Debt

Yes… instead of enacting policies to improve the economy and invite more investment, they choose to punish a company who has already invested billions in the commonwealth. Smart. Now we see why they have a record debt in the first place.

Enacted in May, Puerto Rico’s Act 72-2015 increases to 6.5 percent from 2 percent the tax on goods imported from offshore affiliates to local companies with gross revenues of more than $2.75 billion.

The increase comes as the U.S. commonwealth struggles to restructure $70 billion in debt, more than every U.S. state but New York and California. This week, the U.S. Supreme Court agreed to consider reinstating a law that would let Puerto Rico’s debt-ridden public utilities restructure their obligations.

The new levy raised the estimated cumulative income tax on Wal-Mart Puerto Rico Inc. “to an astonishing and unsustainable 91.5% of its net income,” according to the company’s complaint, filed in federal court in San Juan Friday.

Bentonville, Arkansas-based Wal-Mart, the largest U.S. retailer, is Puerto Rico’s biggest private employer and hands over more sales tax to the island government than any other business, according to its lawyers. They’re asking a federal judge to declare the new measure unconstitutional and block its enforcement.


1310, 06 December 2015

1 Comment

  1. Kevin Scheunemann

    Great, so the U.S. now has leftist socialist thugs on the level of Hugo Chavez, which he turned into the murder capital of S. America and starved the people and Mugabe, who turned his country from huge food exporter, to importer, and starved his people.

    Now we got PR liberals wanting to do same thing. Liberal policies are just plain hurtful, if not just plain evil.

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