Peter Schiff: Fleeing From the Tax Man

6 shares, 39 points

February 12, 2020 by SchiffGold 0 0

As you may understand, a number of years earlier, Peter Schiff relocated to Puerto Rico. Have you ever wondered why? What are the benefits? And what can his move teach us more usually about economics and politics?

Peter recently appeared on the Puerto Rico ICON Podcast and responds to a few of those concerns.

The main reason Peter moved was the tax advantages of operating a company in Puerto Rico. He’s exempt to federal income tax, which is a huge economic reward. As Peter put it, the more costly they make it to remain in the United States, the more appealing they make it move to Puerto Rico.

Peter talked about the possibility of Puerto Rico statehood. He stated he thinks it’s a bad idea. For one thing, it would handle part of the federal government’s $23 trillion financial obligation.

The United States is far more greatly in debt that Puerto Rico. So, Puerto Ricans would compound their debt problem by signing up with the United States.”

And naturally, the biggest downside for Puerto Ricans is that they would undergo the federal income tax.

As someone who has been subject to that tax, you don’t desire that.

Peter stated the best thing for Puerto Rico would not be adding more federal government through statehood, but in fact shrinking the existing federal government.

We need less federal government here in San Juan, not more federal government coming from Washington D.C. So, we can concentrate on making government smaller and freeing up more resources to the economic sector and decreasing taxes even further.”

Peter said huge government is one of the issues dealing with the mainland United States. The Trump administration has actually played lip-service to shrinking federal government, and it did lower taxes. However it’s provided us higher deficits.

So, we’re obtaining to pay for larger federal government instead of taxes to spend for larger government. But the bottom line is it’s the bigger government that is weakening genuine financial development and rising living standards.”

Peter said getting politicians to lobby for cash and federal government programs isn’t the pathway to success.

We desire private business. The lack of the Internal Revenue Service, a lower tax rate, that is far better for financial growth than having political leaders who can attempt to get more federal government money rerouted back into government programs in Puerto Rico. That is not what is going to grow the Puerto Rican economy. I resided in Connecticut. I had congressional representation. I left that. My congressman didn’t represent me at all.”

If you’re not sending out money to Washington, you do not have to beg to get it back.

So, I would rather let the individuals in the 50 mentions battle over those crumbs.

Eventually, all federal governments mishandle.

That’s why you don’t want the federal government doing things.

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