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Puerto Rico Warns Tax Bill Could Slash Revenue by One Third

Bill would impose tax that could imperil manufacturing
‘This is critical,’ Puerto Rico official tells oversight board

Bloomberg business news — GOP Tax Plan Raises Deficit Concerns

By

Michelle Kaske,

Rebecca Spalding and

December 5, 2017, 3:43 PM UTCUpdated onDecember 5, 2017, 4:33 PM UTC

Still reeling from the devastation of Hurricane Maria, Puerto Rico may be pummeled again by the tax-cut bill in Congress.

Puerto Rico’s Treasury Secretary warned the island’s federal oversight board that the government could lose as much one third of its revenue if Congress approves a 20 percent excise tax on goods produced there as a part of the federal overhaul. Puerto Rico is already bankrupt and contending with as much as $100 billion of damage left by the September storm.