Economics
GOP Tax Plan Would Batter Puerto Rico’s Economic Backbone
- GOP measure threatens one of the industry’s favorite havens
- Tax shift could add to island’s woes after storm, bankruptcy
This article is for subscribers only.
After Puerto Rico’s ailing economy was crippled by Hurricane Maria, the island’s leaders fear that the Republican tax overhaul could deliver another devastating blow.
The legislation, passed by the House this month and under debate in the Senate this week, would end provisions that turned Puerto Rico into a medical manufacturing hub. Drug and device makers have poured billions into the U.S. territory, creating thousands of jobs and powering almost a third of its economic output.