Act 22: Puerto Rico’s Guide on How to Woo the Rich and Displace the Local

Estimated reading time: 3 minutes

You know the world is tilted in the favor of the rich when they can turn an entire island into their piggy bank. Yes, friends, I’m talking about how the wealthy have made Puerto Rico their personal tax haven, pushing Puerto Ricans aside like last year’s iPhone—for something shinier and more off-shore. Let’s deep dive into how the locals are forced to say adios to their homes, while moneyed expats say hello to their new tax paradise.

The Breakdown:

1. Act 22 – The Sugar Daddy of Tax Breaks
   • Ever dreamed of paying zero on capital gains? Act 22 is your genie granting tax-free wishes to the financially endowed who move to the island. Hello penthouse, goodbye mainland taxes!
     
     
2. Home Sweet Expensive Home
   • Housing prices are skyrocketing thanks to the investor influx—making sure native Puerto Ricans can’t afford a closet, let alone their actual homes. The only square footage locals are gaining is under the poverty line.
     
     
3. The Disappearing Act
   • As investors take over, Puerto Rican culture is doing a magic trick—disappearing. Language, traditions, the spirit of the island, Poof! It’s the mainland in the Caribbean, only with better beaches and tax returns.
     
     
4. The Beautiful Irony of Philanthropy
   • These nouveau-islanders start “charities” to “give back” to the community. Cute, right? It’s like tipping the waitress with the money you just pickpocketed from her.
     
     
5. Economic Saviors or Colonial Villains?
   • Here come the knights in shining armor, flaunting their cryptocurrency gains. They’re like soft colonialists—instead of flags, they plant investment firms and call it “economic development.”
     

The Counter:

1. Economic Growth or Cultural Pillage?
   • Sure, the rich say they’re spurring economic prosperity—but for whom? For the price of a cup of coffee, you can witness locals perform traditional songs while their neighborhoods turn into Disneyland for tax avoiders.
     
     
2. Job Creation or Servitude 2.0?
   • The “job creation” argument goes like this: rich people graciously allow locals the chance to mow their lawns or maintain their yachts. Talk about the perks of being part of the working class!
     
     
3. Learning Opportunites, If You’re Wealthy
   • It’s a true learning experience for locals: mastering the subtle art of survival in a place where minimum wage doesn’t even cover a piece of avocado toast at the new overpriced brunch spots.
     
     
4. Community Enhancement or Whitewashing?
   • The rich are “enhancing” the community by pricing out the locals. They’re not just whitewashing the walls—they’re doing it to the whole da*n culture.
     
     
5. Philanthropy or Savior Complex?
   • Our affluent friends might feel like superheroes with their charity, but it’s less capes and more leverage. Be grateful, peasants, for your benevolent overlords are here to save the day—with the money they saved on taxes.
     

The Hot Take:

Listen, it’s obvious. Puerto Rico is being served on a silver platter to jet-setters searching for tax sanctuaries, while locals are handed the bill—with no tip. To fix this? Let’s switch it up. Tax the paradise seekers like they’ve actually found the lost city of gold, because they have, and use that to bolster the public funds.

Maybe even resurrect something quirky and charming – tax brackets! Progressive ones! Make tax havens as outdated as MySpace, and watch those billionaires line up for a ticket back to the mainland. Allow the Puerto Ricans to keep their homes, their culture, and their dignity. Oh, and while we’re at it, let’s teach the meaning of community—no, not gated ones—real ones, where every person matters more than a tax break.

Source: Caribbean Matters: Puerto Ricans are losing Puerto Rico to a tax scam