Puerto Rico Governor Unveils Bill to Cut Taxes by $545 Million

Puerto Rico Governor Pedro Pierluisi on Tuesday introduced a tax overhaul bill the administration says will save individuals and corporations $545 million and simplify the US territory’s tax code.

• The 122-page bill reduces the maximum tax rate for individuals from 33% to 30%
• Marginal corporate tax rate, now 37.5%, would change to between 17% and 33%, depending on the size of the business
• Proposal also includes additional tax cuts for seniors, changes to the sales and import tax and includes a cost of living adjustment for some workers
• Government said the measure would boost gross national product by 1%, making ...