Governor Rossello calls for deep tax cuts
Puerto Rico Governor Ricardo Rosselló Nevares yesterday outlined a broad package of deep tax cuts that he has hoped to get enacted by June 30th.
The reductions will save taxpayers $451 million next year and $849 million a year by 2023.
Individuals would not have an income tax liability if their incomes are under $12,500 vs. $9,000 now, although there would be no taxation of government pensions up to $25,000 vs. $15,000 now.
The tax rate on other individuals with incomes between $12,500 and $21,000 would be .9% instead of seven percent. The rate for incomes from $21,000 to $45,000 would drop from 14% to nine percent. Income from $45,000 to $58,000 would be subject to a 19% rate rather than the current 25%. The top rate bracket would be 31% vs. 33% and apply to incomes over $58,000.
Read more: https://www.puertoricoreport.com/governor-rossello-calls-for-deep-tax-cuts/#.Wthpvn8h3RY
