Why are Congress Members Cori Bush, Chuy García and Delia Ramírez speaking out about Act 22?
Rep. Cori Bush
JOIN us in protecting the present and future of Puerto Rico against this abuse. Demand that this tax loophole be closed to these mega rich tax dodgers and gentrifiers!
Under Act 22, mega millionaires are not paying taxes in states and dodging taxes on their wealth in Puerto Rico, where they are triggering breakneck gentrification. This has contributed to San Juan surpassing New York City to become the 9th most expensive city to live in.
Act 22 is turning Puerto Rico into a tax haven for mega rich Americans, who would not be permitted to move to any place in the world to avoid paying federal taxes but still be allowed to retain their U.S. passport. This has resulted in loss of income to Puerto Rico and the U.S. Treasury, too: 647 Act 22ers altogether had paid over $500 million in federal income taxes in the five years before they relocated to the island.
More than 100 Act 22ers are under IRS investigation for flouting requirements to use this tax break while others have committed crimes in Puerto Rico, like shooting a dog that interrupted their golf game, or have been charged with identity theft and investment fraud. Some Act 22ers are buying buildings to evict low and moderate income tenants and convert properties into luxury developments.
JOIN us in protecting the present and future of Puerto Rico against this abuse. Demand that this tax loophole be closed to these mega rich tax dodgers and gentrifiers!
