I worked with them and they're highly emotional and quick to violence. Dont want to study and just want to party, barbecue, listen to music, dance, cruise and sleep around...really
I am not very knowledgeable about this subject and now I am interested to find out more,,,, but from listening to you Mr. Schiff it sounds like a great idea and I wish you all the best doing your business outside of USA.
Jana Kleinerova Dont listen to this hater/dummy/troll all rolled into a mak muk (what ever the fuck that is) - Truth of the matter yes HIS FATHER (not peter) is in prison, and he is in prison for being right. He refused to pay an illegal tax (the income tax) and got a judge that was on a mission to lock him up. While on trial he cited past supreme court cases where people who didn't pay this illegal theft of our private property (the income tax) DID NOT get locked up. Unfortunately the judge said he "didn't want to hear it" and locked him up anyway (unlawfully). So you are on the right track, keep doing your home work and reading up on it, its the first step. Do I recommend not paying your taxes? Well, that's something you will have to decide. But just know LEGALLY you do not have to because its bullshit and the 16th amendment was NEVER ratified. But unfortunately there are judges out there that don't follow the Constitution and will still toss you in jail if they feel like it. While people watch the Kardisians all day we are being robbed. And try to avoid idiots like mak muk that don't know how to think outside the box and only believe what they are told.
Jana Kleinerova Ever watched any of Stefan Molyneux on youtube? He covered for Peter on the Peter Schiff show awhile ago and is pretty much in the same opinions on economics but covers other stuff like how important peaceful parenting is.
Mr. Schiff considering the current political climate and the growing interest in DC to grant statehood to P.R., do you think P.R. is still a good place for "financial relocation"? PR is one of the place I'm considering for relocation. Thank you for your time!
Been on the Island for over 50 years, did my traveling around the world and would not change this paradise for any other. Hoping to reach 100 years in this garden in good mental, physical and spiritual health. Look for positive people and stay away from the negative beings that prey on the sensitive minds of others. Viva Boriken!
*Puerto Rico pays billions of dollars in Federal taxes annually. Puerto Ricans are required to pay US federal taxes, although most residents do not have to pay the federal personal income tax In 2016, like in any other year, Puerto Rico paid $3.5 billion into the US Treasury.*
Puerto Rico Is The Only Place In The World Americans Can Be Free.... Tell that to the millions that have fled this Utopic Island. It is where the .01% can be free......of US taxes.
I know wealthy Puerto Ricans who could more than afford to stay on the island, have an education and should be CREATING AND INNOVATING on the island(helping it), but they want everything already done for them..so they leave to the mainland where all they have to do is apply and enjoy what someone else worked hard to build. Meanwhile, many wealthy Americans from the states know how to take advantage of things. Where other people see loss of opportunity, they see opportunity. Same way I was in Condado not too long ago...and saw a bunch of Chinese people who owned businesses and were doing just fine. Many Puerto Ricans that should not be filled with excuses, are the ones most filled with excuses. Half the island needs help, and many of those that can help it, would rather find excuses...
Ka Gala That's was beautifully said, there's a lot of people with good jobs and fair income that flees the island because they want more the easy way... as you said they want to enjoy something that someone worked hard to build.
Ka Gala We don’t need to move to the main Island for get benefits from US , Puerto Rico have the same benefit than US , so why people of PR want to move to US to get the same benefits that they have in Island , they move , because the Hurricane destroy there houses and the island didn’t have electricity for a 8 months and no water no cellphone no body want to leave but they didn’t have other choice
I know many Americans, Canadians, Spaniards, Brits, Scandinavians and even Australians who are investing in Puerto Rico. Why? Because after the hurricane, the market for investment has sky-rocketed in real estate, banking and resort development. Most have re-located their entire families and swear they are NEVER going back home. Their kids speak Spanish fluently, they embrace the culture completely and feel more "Puerto Rican" already than any Nuyorican idiot on TH-cam ever will!
Thanks for the vid. Puerto Rican from New York. Teaching English in THAILAND...would love to work in P.R.. Doesn't have to be in the field of Education. Appreciate Any help/ leads. God bless. Peace.
The only problem with this is that you lower your taxes, but they raise the taxes for the people of Puerto Rico and that's why then we have to leave our beloved island so we can have a fruitful life. We do not get the tax exception on anything but they raise our taxes more every year. Right now Puerto Rico pays the highest sales taxes 11%, on anything we buy and the wealthy that come from outside pay lower taxes. I worked 21 years in Puerto Rico and it's not that easy for us common people. So we pay for what you save, is that even fair????????
Not just fiscal freedom. The judicial system is more like common law. Also if you live there one year, you qualify for a Puerto Rico Citizenship Certificate from the Dept of State in PR. You can then move to Spain and qualify, after a period of one year (in some cases two) of continuous residence, to become a natural citizen of the European Union
I vacationed in Puerto Rico the last couple winters and had a random conversation with a Texan at the San Juan Hilton who said he was there because he wrote about economics. I asked if he knew who Peter Schiff was. He said he did and said he was a good guy. Then when I got back Peter's next video said he was in Puerto Rico. haha
PUERTO RICO PAYS BILLIONS OF DOLLARS IN FEDERAL TAXES ANNUALLY. WHAT ARE YOU TALKING ABOUT? MAYBE BECAUSE ONLY INDIVIDUAL TAXES ARE NOT PAID BUT TAXES ARE PAID IN BULK. Taxation in Puerto Rico - Wikipedia Puerto Rico as part of North America is required to pay Federal Taxes. In 2009, like in any other year Puerto Rico paid $3.742 billion into the US Treasury .[10] In 2009, Puerto Rico paid $3.742 billion into the ----- Message truncated -----
Why don't US citizens residing in the Caribbean persist to have the Jones Act repealed? This is an outdated law which is costing 3 to 400% higher costs for materials and food to be shipped to this area even from Mainland US!
@Peter or anyone who can answer How does IRS or PR government keep track which Act 22 people are staying 183 days in PR or not? I heard some of the hedge fund managers from Dorado fly to the mainland every week in their private jet and spend only the weekend in the island. They don't stay in PR 183 days a year but still enjoy full tax benefits.
Well said, the government put its hand in your pocket when you earn but nowhere around when you fail. Unless you're part of the 1%, then you'll get government bailouts.
well said i have retired to the island and love it here there are many avenues to generate money here if you wanted with the money to invest.i am planning one myself for the fun of it !
You are saying that in the point of view of a time laps maybe of a year a person working on US can earn on a regular job $30,000 or even more. So in just a few years even if they pay taxes they can save enough in less time to buy or make a good house and here and Puerto Rico and then have all for them without paying taxes. But a Puerto Rican has to flee cause in a year a regular worker will make $12,000 paying a minimum of $7.25 cheap as hell. So we take longer to make a good profit even if we don't make taxes. Thats the reason why many go to US, so they can make good money faster then come back again after some years, or some just decide to stay on US. And a person making $12,000 a year, add debts, food, car payment, celphone, gasoline, electricity that is abusive expensive and no one does anything against those charlatans, water, clothing. What you really earn a year or what you can even earn after a year and save for yourself after that will be like $1,000 and that is if you are a person that save and don't hang out and waste money, if not you will have saved $2,000 to $3,000 thousand minus - saved, so you will end up in more debts thats why many Puerto Ricans cant progress here and decide to go. They work to hard for a cheap payment of $7.25 and things to expensive, and rareley gave permanent jobs that i found that abusive. People who has been working for 5 and 6 years in a company and the law don't do anything about yet to give people permanent jobs and a good health care and retirement. Really free? Free for the Americans that have made enough and can just buy things in one payment then live the good life with what they have saved. But that "free" does not exist for us. We practically are slaves here. Working and working to end up with nothing at the end of the month. And thats the truth about many Puerto Ricans. Lets be real. Americans have us living like slaves cause of this work minimum payments in such an expensive Island. Practicaly Americans are stealing our Island little by little making us move by the time little by little. But here ill stay and many others and this Island will always belong to us, no matter how the Americans or the world oppressed us like Egypt did to Hebrews. For even more than 500 years already since Christopher Colombus got here we have been oppressed til date in so many ways including by Americans. Just like the Hebrews. Its abusive and dont try to deny this. Not even knowing this is happening here American Companies dont want to pay more dont want to give permanent jobs for not caring and give a good health care and retirement. And companies from here take advantage too. They just hire 1 or few employees for a work that needs maybe 10 employees or more. They dont give jobs, they pay same shit and lot less and give more hard work for a single employee, the company gets reacher but the worker never see progress. And US government see and know this is happening, but what does it does? NOTHING. But ohh yeah they want us to pay the debt we have but we dont even have enough and payed enough to pay our own. If you help been a bigger Nation we can help back the debts if we get paid better for the same job an American get payd or do, cause we are same hard workers than any American no doubt about it. But this is just oppressive. Not to let an Little Island progress just to keep them in more debts. And investigate more the Puerto Rican government too, cause they are many that are a bunch of theft.
Elmgren76 There was an income tax during the Civil War and it lapsed during Grant's administration, 1872. 1860 to 1913 was hardly the "most prosperous" time in history. You need to read a history book for fuck sake. Real capita GDP grew 1.64%/year from 1860 to 1913. From 1913 to 2014, real per capita GDP grew 2.02%/year.
Mak Muk GDP is a worthless measurement of economic prosperity. And before 1913 the US was on a pure gold standard so people saw their purchasing power increase for 50 years. Since 1913 the dollar has lost 99% of its purchasing power.
Elmgren76 Wow you are stupid. You had deflation during the 19th century because the economy was in the toilet due to many banking panics. Based on your measure of prosperity, we had a economic boom from 1929 to 1932 because the dollar's purchasing power increased 20%.
Elmgren76 unfortunately for you, mak is right again. and you are a really stupid individual. even with the lost 3 decades in japan illustrating to you point blank the effects of deflation, you still parrot peter schiff's voodoo austrian assertions that deflation is good. what a muppet
A human way of thinking of always needing money you see this is you guys problem you take the money and then you buy food with it or you take it to buy clothes you see we Puerto Ricans have free food because our Islands give us everything for free and then most people come with their stupid rules and trying to mess everything up we live with Mother Earth and Mother Nature this is why we will always be free either be free or die trying but it will always come to be free and this is where human kind has fell and this is where the smart has actually put you guys to work because I'm a piece of paper you have sold everything you have even your honor but I tell you at the end of the day that piece of paper comes from a tree and there are trees everywhere we as humans give it a value and give these people power take the power away from the money and they have no power
Ridiculous title. I'm quite free in the US. Probably in the top .1% in human history in terms of freedom and liberty. But Pete's got a weird new definition of freedom, apparently "freedom from taxation". I call it what it really is: selfish unwillingness to do your part for society. Freedom to be completely selfish and even richer I guess is what he is after. Just Defense is 25% of the Federal budget and Pete will agree we that need that (among other things if pressed) but despite being rich he wants to pay nothing and somehow feels entitled to. What an asshole.
Mr. Schiff I have a Silver question. Is there some way that I can take my stored silver and put it in a depository and use the value to make loans or use as collateral or use as a trading instrument?
The taxes are imbedded in the economy. The VAT (IVU) and the prices of goods thanks to the Jones Act makes Puerto Rico one of the most expensive territories of all the U.S. while also having the poorest economy per capita.
Raising corporate income tax or capital gains tax doesn't make any sense when Puerto Rico has like -1.2% inflation and a 16+ labour force participation rate in the low-mid 40s (or was that the employment rate?)... Puerto Rico needs some stimulus if anything. Taxation is the opposite of stimulus. As a Neo-Keynesian (Modern Monetary Theory, Paul Krugman, etc) I believe government spending is the way to go so as long as it actually goes to the poor and not to the government bureaucrats. Increased taxation is only necessary in an inflationary environment, Puerto Rico has a deflationary environment right now. If you introduced a universal basic income and got rid of all these bullshit programs, you could downsize the hell out of most of the government bureaucrats. There's no guarantee that tax cuts will trickle down to the poor. Productivity rates have soared in the past few decades while wages have remained pretty stagnant in comparison. But the fiscal policy needs to make sense. If welfare in it's current form is discouraging Puerto Ricans from working, increasing their hours or getting a higher-paid job then that's dysfunctional obviously. You need to reform welfare so that you actually end up with more money when you work than when you don't. While still offering a social safety net. You also need to get a minimum wage exemption from the federal government. Puerto Ricans with little to no job experience or low labour value need the job experience. If you don't penalize Puerto Ricans for working, many of them will work for less than minimum wage while collecting supplemental welfare. Just to have the opportunity to have that work experience and extra disposable income.
*You also need to get a minimum wage exemption from the federal government* That is not a Keynesian idea because a Living wage (or even a Minimum wage) ensures the Consumer has enough money to spend to stimulate the Economy which created demand for more Jobs and Businesses. Those who make 2 dollars an hour in the Sugar fields cannot spend the same as someone who makes 10 an hour).
US citizenship is our misfortune. This facilitates a perverse voluntary evacuation which allows the bankers to take our island without firing a shot. A sad state of affairs, but at least Peter is happy.
Some Patriot. Aspired to be US Senator yet gladly dodges his taxes to the maximum possible. Way to do your part Peter toward fixing what you think is the biggest problem the US has, too much sovereign debt.
Canada takes more than us for the exit tax. We are around 25 to 50% for any lifetime income over 1m. Divide that by let's say 10 years for a talented individual it is feasible for about 2-5% of the population.
I've been thinking of moving the corporate headquarters of my business to Puerto Rico but I do not speak Puerto Rican and am a bit hesitant to make the leap. Also I don't have a profitable business yet so...yeah.
You don't speak puerto rican?? Since when puertorican is a language?? That is why you can not do business there, because you don't know what a language is.
Ummm 🤔 I'm pretty sure you know this but Puerto Rico has no other language than Spanish and its second language English since it is a U.S. territory. Puerto Rico needs more businesses to invest to help boom the economy again. Puerto Rico has great people and some of the most talented people in the world.
PUERTO RICO IT IS 🏁 FEDERAL ESTATE 🇺🇸 ALOT....... DIFERENT 🇵🇷🏁🇺🇸 THE ARE BELONG TO 🔊WASHINGTON 📣. NOT FROM US. ....... IT IS 🔊 BUSINESS 👍 DON'T GET MAD.📌
david moreland Enjoy keeping your punitive tax rates and continue to see people and businesses flee your slave system until you starve just because you can't bear the thought of rich people keeping what they earn. (you know- the money other people willingly gave to them instead of stealing at the point of a gun like the gov does)
Hurrrrrrrrrrly Apparently you haven't been paying attention- he recommends having 5 to 10% in precious metals not 100% :) Besides he doesn't just count on investment income. He owns an asset management firm, a bank and whatever setup that gold business is too. Somehow I think the jew will do fine. :P
All see this videos (CÓMO ESTADOS UNIDOS ARRUINÓ A PUERTO RICO) and ( ¿SON LOS PUERTORRIQUEÑOS UNOS MANTENIDOS ?). See this videos say the true política and economic USA and Puerto Rico Bussines.
Everyone gets advantages in Puerto Rico except the residents with law wages and high prices. Seem at every turn of the rouettet table corporations win residents are hired to make it function. It has destroyed native own business at every level bringing down middle class that compatible to average working class of the States.
Isn't it great? A billionaire who managed to figure out how to not pay taxes. Greed incarnate. He has more than he can ever spend in his lifetime but god forbid he should contribute to the infrastructure (roads, bridges, dams, the great Mexican wall to be) of the country he actually lives in, disaster or cleanup costs, or government services like the Post Office. I get it that taxes are a drag, but here we have a super rich man who's got the money to go somewhere where he won't have to contribute, so he lives off the backs of those who can't afford to do this. Also known as a blood sucker.
North America was a huge deal in 1785 name NEW SPANISH with territories like LOUSIANA even parts of Canada now.America is not only US respect for Canada Mexico Central America with the Caribbean and South America we are AMERICAS too. German immigration start it in Puerto Rico before San Juan was San German the Capital. French immigration too, Italians ( Corsican) Scottish Ireland ect. BOOMMMMMM
billp4 a year later lol with that said, my uncles have a house in the middle of no where and their internet works just fine every time I'm there. It may vary, but that's my experience.
Peter loves Puerto Rico so much but the facts are that American control of violates the NAP of the People and that America violated the NAP in the invasion of Puerto Rico to begin with. *The Government takes most of what i earn* Peter is a liar as US taxes are very low on the mega rich (especially if they make it via Capital gains instead of work). Those who actually work and are upper middle class pay more in taxes (as a percent) then Peter shift did. *It is too bad Puerto Rico did not do this years ago* Puerto RIco did not do it rather the Libertarian esque US Government decided to make Puerto Rico a tax haven in order to implement the failed Economics there (so the rich live in gated communities while the Natives live in slums who make less then 20k a year on average). *They would have the highest income* Not the Natives no as the ones getting rich are only the mega rich (the real Puerto Ricans would be at best lower middle class). *If you owe more then 50k in taxes they want to revoke your passport* If i commit any major crime they would do the same thing. *We could be treated like Citizens of any other Country* Most western Nations have very high taxes on the rich. *They are paying 4 percent of taxes* That is the biggest goddamn joke i have heard. *Puerto Rico is in debt* Yes and the rich escaping taxes is one big contributor to the debt as to pay for tax cuts you have to borrow (taxes are revenue, less of them create a bigger deficit and debt).
Lol, this is 2 years old, right now P.R. has very high taxes it's like 11.5% rather than the regular 7 ish, but in terms of other taxes like income tax etc then idk because I'm too young to work
Make no mistake about this! Puerto Rico is a NIGHTMARE!!! It is NOT a paradise. Crime is extremely high, unemployment is skyrocketing. It is an extremely dangerous place to live. People are leaving PR in droves. The ones left are those who can't afford to leave.
pepeledog 😂😂😂 I can guess how your imagining Puerto Rico with what you just said. I live in PR and I can tell you that here: is just not what you think. It's normal and crime exist in every country.
pepeledog you are full of shit, I've lived in Puerto Rico, and is like any other place on this planet, there good and bad places just like here in the states
I would encourage anyone considering moving their business to Puerto Rico to actually visit. Rudest people, highest welfare of US and police on every corner. It was a culture shock for me and I'll never return.
I wouldn't bring kids up there and from what i saw it look worse than the Bronx and they speak Spanish but the Bronx they spoke some English and ate American food where they got very fat on.
Invest in Puerto Rico,🇵🇷🇵🇷🇵🇷🇵🇷🇵🇷🇺🇸🇺🇸🇵🇷🇵🇷🇵🇷
Puerto Rico is a beautiful island, the culture, food is amazing and beautiful people.
I worked with them and they're highly emotional and quick to violence. Dont want to study and just want to party, barbecue, listen to music, dance, cruise and sleep around...really
A Light Piercing The Kingdom of Darkness Ministry and white ppl in the US can sway a axe on a cops face and they aren’t considered quick to violence.
and thanks:D
I'll be darned Mr Schiff! Welcome to PR!
Can't tell you how sorry I am over the loss of your father...
May you enjoy many successes in Puerto Rico!
I am not very knowledgeable about this subject and now I am interested to find out more,,,, but from listening to you Mr. Schiff it sounds like a great idea and I wish you all the best doing your business outside of USA.
Jana Kleinerova Schiff's father is rotting in prison for tax fraud. Petey is the last person to go to for tax advice.
Jana Kleinerova Dont listen to this hater/dummy/troll all rolled into a mak muk (what ever the fuck that is) - Truth of the matter yes HIS FATHER (not peter) is in prison, and he is in prison for being right. He refused to pay an illegal tax (the income tax) and got a judge that was on a mission to lock him up. While on trial he cited past supreme court cases where people who didn't pay this illegal theft of our private property (the income tax) DID NOT get locked up. Unfortunately the judge said he "didn't want to hear it" and locked him up anyway (unlawfully). So you are on the right track, keep doing your home work and reading up on it, its the first step. Do I recommend not paying your taxes? Well, that's something you will have to decide. But just know LEGALLY you do not have to because its bullshit and the 16th amendment was NEVER ratified. But unfortunately there are judges out there that don't follow the Constitution and will still toss you in jail if they feel like it. While people watch the Kardisians all day we are being robbed.
And try to avoid idiots like mak muk that don't know how to think outside the box and only believe what they are told.
Cory Anderson If you start "thinking outside the box" when it comes to taxes, they'll put you _IN_ the box. And fwiw, I don't watch the Kardashians.
Jana Kleinerova Ever watched any of Stefan Molyneux on youtube? He covered for Peter on the Peter Schiff show awhile ago and is pretty much in the same opinions on economics but covers other stuff like how important peaceful parenting is.
Brian Hayek Ha. He's even weirder than Schiff.
GOD BLESS PUERTO RICO AND IT'S PEOPLE, WHAT DIDNT BREAK THEM IS MAKING THEM STRONGER.
Amen brother, thanks for your words
1:35 is so true. I live in Puerto Rico and I truly feel free. God Bless my Country.
PR it's not I country moron
titobanshee23 no need to be toxic, expose your viewpoint and go.
Let's pray for PUERTO RICO! Amen....
Very Strong Statement at the End !!!!
Mr. Schiff considering the current political climate and the growing interest in DC to grant statehood to P.R., do you think P.R. is still a good place for "financial relocation"?
PR is one of the place I'm considering for relocation.
Thank you for your time!
Been on the Island for over 50 years, did my traveling around the world and would not change this paradise for any other. Hoping to reach 100 years in this garden in good mental, physical and spiritual health. Look for positive people and stay away from the negative beings that prey on the sensitive minds of others. Viva Boriken!
*Puerto Rico pays billions of dollars in Federal taxes annually. Puerto Ricans are required to pay US federal taxes, although most residents do not have to pay the federal personal income tax In 2016, like in any other year, Puerto Rico paid $3.5 billion into the US Treasury.*
Puerto Rico Is The Only Place In The World Americans Can Be Free....
Tell that to the millions that have fled this Utopic Island.
It is where the .01% can be free......of US taxes.
Then why is walmart planning to leave puerto rico?
I know wealthy Puerto Ricans who could more than afford to stay on the island, have an education and should be CREATING AND INNOVATING on the island(helping it), but they want everything already done for them..so they leave to the mainland where all they have to do is apply and enjoy what someone else worked hard to build. Meanwhile, many wealthy Americans from the states know how to take advantage of things. Where other people see loss of opportunity, they see opportunity. Same way I was in Condado not too long ago...and saw a bunch of Chinese people who owned businesses and were doing just fine. Many Puerto Ricans that should not be filled with excuses, are the ones most filled with excuses.
Half the island needs help, and many of those that can help it, would rather find excuses...
Ka Gala That's was beautifully said, there's a lot of people with good jobs and fair income that flees the island because they want more the easy way... as you said they want to enjoy something that someone worked hard to build.
@@deustaitan because it cost them money to ship there product due to the Jones Act.
Ka Gala We don’t need to move to the main Island for get benefits from US , Puerto Rico have the same benefit than US , so why people of PR want to move to US to get the same benefits that they have in Island , they move , because the Hurricane destroy there houses and the island didn’t have electricity for a 8 months and no water no cellphone no body want to leave but they didn’t have other choice
I know many Americans, Canadians, Spaniards, Brits, Scandinavians and even Australians who are investing in Puerto Rico.
Why?
Because after the hurricane, the market for investment has sky-rocketed in real estate, banking and resort development.
Most have re-located their entire families and swear they are NEVER going back home.
Their kids speak Spanish fluently, they embrace the culture completely and feel more "Puerto Rican" already than any
Nuyorican idiot on TH-cam ever will!
Thanks for the vid. Puerto Rican from New York. Teaching English in THAILAND...would love to work in P.R.. Doesn't have to be in the field of Education. Appreciate Any help/ leads. God bless. Peace.
I'm Puerto Rican,life is good. :)
¿Y ahora cómo está?
The only problem with this is that you lower your taxes, but they raise the taxes for the people of Puerto Rico and that's why then we have to leave our beloved island so we can have a fruitful life. We do not get the tax exception on anything but they raise our taxes more every year. Right now Puerto Rico pays the highest sales taxes 11%, on anything we buy and the wealthy that come from outside pay lower taxes. I worked 21 years in Puerto Rico and it's not that easy for us common people. So we pay for what you save, is that even fair????????
Not just fiscal freedom. The judicial system is more like common law. Also if you live there one year, you qualify for a Puerto Rico Citizenship Certificate from the Dept of State in PR. You can then move to Spain and qualify, after a period of one year (in some cases two) of continuous residence, to become a natural citizen of the European Union
I vacationed in Puerto Rico the last couple winters and had a random conversation with a Texan at the San Juan Hilton who said he was there because he wrote about economics. I asked if he knew who Peter Schiff was. He said he did and said he was a good guy. Then when I got back Peter's next video said he was in Puerto Rico. haha
Business People get low taxes, but the people living in PR won't
Debt is delayed taxes.
Taxes on future generations ?
PUERTO RICO PAYS BILLIONS OF DOLLARS IN FEDERAL TAXES ANNUALLY. WHAT ARE YOU TALKING ABOUT? MAYBE BECAUSE ONLY INDIVIDUAL TAXES ARE NOT PAID BUT TAXES ARE PAID IN BULK.
Taxation in Puerto Rico - Wikipedia
Puerto Rico as part of North America is required to pay Federal Taxes.
In 2009, like in any other year Puerto Rico paid $3.742 billion into the US
Treasury .[10]
In 2009, Puerto Rico paid $3.742 billion into the
----- Message truncated -----
So all the companies that invade aren’t shit huh?!
Act 60 (formerly Acts 20 and 22)… very, VERY intersting.
ILL BET YOU WISH YOU WERE THERE NOW, EVERYBODY.
Why don't US citizens residing in the Caribbean persist to have the Jones Act repealed? This is an outdated law which is costing 3 to 400% higher costs for materials and food to be shipped to this area even from Mainland US!
@Peter or anyone who can answer
How does IRS or PR government keep track which Act 22 people are staying 183 days in PR or not? I heard some of the hedge fund managers from Dorado fly to the mainland every week in their private jet and spend only the weekend in the island. They don't stay in PR 183 days a year but still enjoy full tax benefits.
I like how you ended the video. Great point.
Mario Gutierrez Agreed.
I laughed at 'your silent parter, the Federal Government'. Keep up the good work Peter.
Love me some Peter Schiff.
Well said, the government put its hand in your pocket when you earn but nowhere around when you fail. Unless you're part of the 1%, then you'll get government bailouts.
well said i have retired to the island and love it here there are many avenues to generate money here if you wanted with the money to invest.i am planning one myself for the fun of it !
You are saying that in the point of view of a time laps maybe of a year a person working on US can earn on a regular job $30,000 or even more. So in just a few years even if they pay taxes they can save enough in less time to buy or make a good house and here and Puerto Rico and then have all for them without paying taxes. But a Puerto Rican has to flee cause in a year a regular worker will make $12,000 paying a minimum of $7.25 cheap as hell. So we take longer to make a good profit even if we don't make taxes. Thats the reason why many go to US, so they can make good money faster then come back again after some years, or some just decide to stay on US. And a person making $12,000 a year, add debts, food, car payment, celphone, gasoline, electricity that is abusive expensive and no one does anything against those charlatans, water, clothing. What you really earn a year or what you can even earn after a year and save for yourself after that will be like $1,000 and that is if you are a person that save and don't hang out and waste money, if not you will have saved $2,000 to $3,000 thousand minus - saved, so you will end up in more debts thats why many Puerto Ricans cant progress here and decide to go. They work to hard for a cheap payment of $7.25 and things to expensive, and rareley gave permanent jobs that i found that abusive. People who has been working for 5 and 6 years in a company and the law don't do anything about yet to give people permanent jobs and a good health care and retirement. Really free? Free for the Americans that have made enough and can just buy things in one payment then live the good life with what they have saved. But that "free" does not exist for us. We practically are slaves here. Working and working to end up with nothing at the end of the month. And thats the truth about many Puerto Ricans. Lets be real. Americans have us living like slaves cause of this work minimum payments in such an expensive Island. Practicaly Americans are stealing our Island little by little making us move by the time little by little. But here ill stay and many others and this Island will always belong to us, no matter how the Americans or the world oppressed us like Egypt did to Hebrews. For even more than 500 years already since Christopher Colombus got here we have been oppressed til date in so many ways including by Americans. Just like the Hebrews. Its abusive and dont try to deny this. Not even knowing this is happening here American Companies dont want to pay more dont want to give permanent jobs for not caring and give a good health care and retirement. And companies from here take advantage too. They just hire 1 or few employees for a work that needs maybe 10 employees or more. They dont give jobs, they pay same shit and lot less and give more hard work for a single employee, the company gets reacher but the worker never see progress. And US government see and know this is happening, but what does it does? NOTHING. But ohh yeah they want us to pay the debt we have but we dont even have enough and payed enough to pay our own. If you help been a bigger Nation we can help back the debts if we get paid better for the same job an American get payd or do, cause we are same hard workers than any American no doubt about it. But this is just oppressive. Not to let an Little Island progress just to keep them in more debts. And investigate more the Puerto Rican government too, cause they are many that are a bunch of theft.
Anyone else notice the news anchor has a different outfit when she's interviewing Peter? I always like hearing Peter's point of view, he's real
Up until 1913 no Americans paid income tax. And of course, the time period between 1860-1913 was the most prosperous time in any country - ever.
Elmgren76 There was an income tax during the Civil War and it lapsed during Grant's administration, 1872. 1860 to 1913 was hardly the "most prosperous" time in history. You need to read a history book for fuck sake. Real capita GDP grew 1.64%/year from 1860 to 1913. From 1913 to 2014, real per capita GDP grew 2.02%/year.
Mak Muk GDP is a worthless measurement of economic prosperity. And before 1913 the US was on a pure gold standard so people saw their purchasing power increase for 50 years. Since 1913 the dollar has lost 99% of its purchasing power.
Elmgren76
Wow you are stupid. You had deflation during the 19th century because the economy was in the toilet due to many banking panics. Based on your measure of prosperity, we had a economic boom from 1929 to 1932 because the dollar's purchasing power increased 20%.
Mak Muk Deflation is a good thing, not a bad thing. And no point to continue arguing with you since you resort to calling people stupid.
Elmgren76 unfortunately for you, mak is right again. and you are a really stupid individual. even with the lost 3 decades in japan illustrating to you point blank the effects of deflation, you still parrot peter schiff's voodoo austrian assertions that deflation is good. what a muppet
Wonder what are the gun laws.
Definitely not like the states. You can't buy guns anywhere. Its very restricted.
Without jobs and money the people can't be free.We need jobs.
A human way of thinking of always needing money you see this is you guys problem you take the money and then you buy food with it or you take it to buy clothes you see we Puerto Ricans have free food because our Islands give us everything for free and then most people come with their stupid rules and trying to mess everything up we live with Mother Earth and Mother Nature this is why we will always be free either be free or die trying but it will always come to be free and this is where human kind has fell and this is where the smart has actually put you guys to work because I'm a piece of paper you have sold everything you have even your honor but I tell you at the end of the day that piece of paper comes from a tree and there are trees everywhere we as humans give it a value and give these people power take the power away from the money and they have no power
Ridiculous title. I'm quite free in the US. Probably in the top .1% in human history in terms of freedom and liberty. But Pete's got a weird new definition of freedom, apparently "freedom from taxation". I call it what it really is: selfish unwillingness to do your part for society. Freedom to be completely selfish and even richer I guess is what he is after. Just Defense is 25% of the Federal budget and Pete will agree we that need that (among other things if pressed) but despite being rich he wants to pay nothing and somehow feels entitled to. What an asshole.
How are you so stupid?
Is there a LegalZoom company that can help me incorporate in Puerto Rico?
Please contact them directly, they should be able to direct you to the right source.
Mr. Schiff I have a Silver question. Is there some way that I can take my stored silver and put it in a depository and use the value to make loans or use as collateral or use as a trading instrument?
The taxes are imbedded in the economy. The VAT (IVU) and the prices of goods thanks to the Jones Act makes Puerto Rico one of the most expensive territories of all the U.S. while also having the poorest economy per capita.
Raising corporate income tax or capital gains tax doesn't make any sense when Puerto Rico has like -1.2% inflation and a 16+ labour force participation rate in the low-mid 40s (or was that the employment rate?)...
Puerto Rico needs some stimulus if anything. Taxation is the opposite of stimulus. As a Neo-Keynesian (Modern Monetary Theory, Paul Krugman, etc) I believe government spending is the way to go so as long as it actually goes to the poor and not to the government bureaucrats. Increased taxation is only necessary in an inflationary environment, Puerto Rico has a deflationary environment right now. If you introduced a universal basic income and got rid of all these bullshit programs, you could downsize the hell out of most of the government bureaucrats. There's no guarantee that tax cuts will trickle down to the poor. Productivity rates have soared in the past few decades while wages have remained pretty stagnant in comparison. But the fiscal policy needs to make sense. If welfare in it's current form is discouraging Puerto Ricans from working, increasing their hours or getting a higher-paid job then that's dysfunctional obviously. You need to reform welfare so that you actually end up with more money when you work than when you don't. While still offering a social safety net.
You also need to get a minimum wage exemption from the federal government. Puerto Ricans with little to no job experience or low labour value need the job experience. If you don't penalize Puerto Ricans for working, many of them will work for less than minimum wage while collecting supplemental welfare. Just to have the opportunity to have that work experience and extra disposable income.
*You also need to get a minimum wage exemption from the federal government*
That is not a Keynesian idea because a Living wage (or even a Minimum wage) ensures the Consumer has enough money to spend to stimulate the Economy which created demand for more Jobs and Businesses. Those who make 2 dollars an hour in the Sugar fields cannot spend the same as someone who makes 10 an hour).
US citizenship is our misfortune. This facilitates a perverse voluntary evacuation which allows the bankers to take our island without firing a shot. A sad state of affairs, but at least Peter is happy.
Lets make puerto rico great again!!!!
FU Schiff..!
yah, I respect Schiff it's just he pisses me off sometimes.
It is perfectly LEGAL to reduce or minimize the amount of taxes to pay the fed.
Some Patriot. Aspired to be US Senator yet gladly dodges his taxes to the maximum possible. Way to do your part Peter toward fixing what you think is the biggest problem the US has, too much sovereign debt.
Peter Schiff can ask for a friend request. I have some inf. I like to share with him.
awesome,,,, God is great!
Great video
The taxes are hidden in anything you buy, is SUBLIMINAL
Canada takes more than us for the exit tax. We are around 25 to 50% for any lifetime income over 1m. Divide that by let's say 10 years for a talented individual it is feasible for about 2-5% of the population.
There is more Americans living in Puerto Rico than in the United States that is true lol
if I move to Puerto Rico would you give me a job ? I'm in the UK and heading nowhere from the bottom :(
peter schiff, you are AMAZING! your are my hero! is anything i can do to know you more?
Who told him Puerto Rico low the taxes??? Maybe for him bussisnes they low the taxes but for us we already live there we have to paid high expenses .
Oh the American government shares the losses alright, they share them right to the American taxpayer.
I've been thinking of moving the corporate headquarters of my business to Puerto Rico but I do not speak Puerto Rican and am a bit hesitant to make the leap. Also I don't have a profitable business yet so...yeah.
You don't speak puerto rican?? Since when puertorican is a language?? That is why you can not do business there, because you don't know what a language is.
Ummm 🤔 I'm pretty sure you know this but Puerto Rico has no other language than Spanish and its second language English since it is a U.S. territory. Puerto Rico needs more businesses to invest to help boom the economy again. Puerto Rico has great people and some of the most talented people in the world.
Global stock markets bounce back aided by dovish central bank comments helping to pushed back rate hike expectations for US and UK.
PUERTO RICO IT IS 🏁 FEDERAL ESTATE 🇺🇸 ALOT....... DIFERENT 🇵🇷🏁🇺🇸 THE ARE BELONG TO 🔊WASHINGTON 📣. NOT FROM US.
....... IT IS 🔊 BUSINESS 👍
DON'T GET MAD.📌
another rich guy that doesn't want to pay tax's
david moreland There are people who can't wait to pay taxes? Bitch please!
david moreland Another human being who wants to carry his own weight not ours. What is wrong with that?
david moreland Enjoy keeping your punitive tax rates and continue to see people and businesses flee your slave system until you starve just because you can't bear the thought of rich people keeping what they earn. (you know- the money other people willingly gave to them instead of stealing at the point of a gun like the gov does)
Hurrrrrrrrrrly
Apparently you haven't been paying attention- he recommends having 5 to 10% in precious metals not 100% :) Besides he doesn't just count on investment income. He owns an asset management firm, a bank and whatever setup that gold business is too. Somehow I think the jew will do fine. :P
david moreland Why would anyone want to pay taxes?
All see this videos (CÓMO ESTADOS UNIDOS ARRUINÓ A PUERTO RICO) and ( ¿SON LOS PUERTORRIQUEÑOS UNOS MANTENIDOS ?). See this videos say the true política and economic USA and Puerto Rico Bussines.
Marijuana is illegal in Puerto rico. That's the mindset
Bummer. Free the Weed!!
But to puerto rico noooooo
Wages are an even exchange, why the tax?
Everyone gets advantages in Puerto Rico except the residents with law wages and high prices. Seem at every turn of the rouettet table corporations win residents are hired to make it function. It has destroyed native own business at every level bringing down middle class that compatible to average working class of the States.
Isn't it great?
A billionaire who managed to figure out how to not pay taxes. Greed incarnate. He has more than he can ever spend in his lifetime but god forbid he should contribute to the infrastructure (roads, bridges, dams, the great Mexican wall to be) of the country he actually lives in, disaster or cleanup costs, or government services like the Post Office.
I get it that taxes are a drag, but here we have a super rich man who's got the money to go somewhere where he won't have to contribute, so he lives off the backs of those who can't afford to do this.
Also known as a blood sucker.
Peggy Sue can't describe it better myself, the worst part is reading all those idiots defending his behavior while paying more taxes than him.
Peggy Sue
Word. What a fucking leech.
How are you so stupid?
North America was a huge deal in 1785 name NEW SPANISH with territories like LOUSIANA even parts of Canada now.America is not only US respect for Canada Mexico Central America with the Caribbean and South America we are AMERICAS too. German immigration start it in Puerto Rico before San Juan was San German the Capital. French immigration too, Italians ( Corsican) Scottish Ireland ect. BOOMMMMMM
How is the Internet in PR?
Good
billp4 a year later lol with that said, my uncles have a house in the middle of no where and their internet works just fine every time I'm there. It may vary, but that's my experience.
WELCOME. A. BOARD..... REUBEN. BROTHER.....ATT. CAPTAIN. MORGAN...
REAL LAND !!! PUERTO. RICO. LO. HACE. MEJOR.....U. ALREADY KNOW
...REALS. KINGS. KING. V
Peter loves Puerto Rico so much but the facts are that American control of violates the NAP of the People and that America violated the NAP in the invasion of Puerto Rico to begin with.
*The Government takes most of what i earn*
Peter is a liar as US taxes are very low on the mega rich (especially if they make it via Capital gains instead of work). Those who actually work and are upper middle class pay more in taxes (as a percent) then Peter shift did.
*It is too bad Puerto Rico did not do this years ago*
Puerto RIco did not do it rather the Libertarian esque US Government decided to make Puerto Rico a tax haven in order to implement the failed Economics there (so the rich live in gated communities while the Natives live in slums who make less then 20k a year on average).
*They would have the highest income*
Not the Natives no as the ones getting rich are only the mega rich (the real Puerto Ricans would be at best lower middle class).
*If you owe more then 50k in taxes they want to revoke your passport*
If i commit any major crime they would do the same thing.
*We could be treated like Citizens of any other Country*
Most western Nations have very high taxes on the rich.
*They are paying 4 percent of taxes*
That is the biggest goddamn joke i have heard.
*Puerto Rico is in debt*
Yes and the rich escaping taxes is one big contributor to the debt as to pay for tax cuts you have to borrow (taxes are revenue, less of them create a bigger deficit and debt).
Lol, this is 2 years old, right now P.R. has very high taxes it's like 11.5% rather than the regular 7 ish, but in terms of other taxes like income tax etc then idk because I'm too young to work
We dont raise taxes cus we want to
Interesting 🤔
Why is the host so hawtt??
genetics
Ur crushing puerto rico
well.. you may escape taxes but you wont escape death (September 2015 meteroid/tsunami)
September 2015 huh? I better get ready then!
JW Deet lol
Lymarie Guzmán Pérez the meteor didn’t come but the tsunami did 😭😂
Get ready Pete, I'm coming down there--lol!
Another example of tax evasion or money laundering...ppl like this amplified the debt of Puerto Rico
Weird accent
Make no mistake about this! Puerto Rico is a NIGHTMARE!!! It is NOT a paradise. Crime is extremely high, unemployment is skyrocketing. It is an extremely dangerous place to live. People are leaving PR in droves. The ones left are those who can't afford to leave.
magentawave you live in Puerto Rico?
pepeledog 😂😂😂 I can guess how your imagining Puerto Rico with what you just said. I live in PR and I can tell you that here: is just not what you think. It's normal and crime exist in every country.
Anderson Benitez u are fortunate enough to live in a good part of the island I assume.
pepeledog you are full of shit, I've lived in Puerto Rico, and is like any other place on this planet, there good and bad places just like here in the states
There is crimes in the U.S. too....crime is every where
I would encourage anyone considering moving their business to Puerto Rico to actually visit. Rudest people, highest welfare of US and police on every corner. It was a culture shock for me and I'll never return.
jeff swanson I can guess you stay in the metropolitan area.
Edwin JRC apparently he thinks visiting a small corner makes him an expert.
jeff swanson idiot!!!
Love Puerto Rico!!!!
How are you so stupid?
Peter Schiff for Governor of PR?
I wouldn't bring kids up there and from what i saw it look worse than the Bronx and they speak Spanish but the Bronx they spoke some English and ate American food where they got very fat on.