teapartyeconomist.com / by Gary North / March 12, 2013
They can move to Puerto Rico.
That’s all there is to it? Yes.
Puerto Rico has been a great tax haven for Americans for decades. I had a Puerto Rican official speak at one of my conferences 25 years ago on this. Any firm that employed up to five Puerto Ricans could avoid federal income taxes. That’s why so many large American firms deliver goods from Puerto Rico.
A year ago, the Puerto Rican government upped the ante. If an American moves there, he need not pay capital gains taxes on future profits.
Multi-billionaire John Paulson is considering making the move. I don’t blame him. All he has to do is move out of New York City. No more Governor Cuomo. No more Nanny Bloomberg.