Posted: Aug 03, 2022 12:01 AM
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Want to pay no federal income tax?
Move to Puerto Rico.
Really. If you move to the island, you can legally pay none. There’s also no capital gains tax.
You just have to give 4% of your income to Puerto Rico.
The tax break was started by a Puerto Rican politician who’d watched years of high taxes fail to improve life on the island. He decided to try something different.
Obviously, it’s a popular idea, when people learn about it.
Tens of thousands have applied for the exemption, and applications tripled last year.
YouTube star Logan Paul moved his show from California to Puerto Rico to take advantage of the tax deal.
Investor Peter Schiff says, “I did it for the obvious benefit of being able to keep most of what I own … It’s too bad that Puerto Rico didn’t do this decades ago. They wouldn’t be in the economic trouble they are today.”
“A lot of people are moving down here,” says social worker Melissa DaSilva in my