Puerto Rico Governor Pierluisi Proposes Sweeping Tax Reform
- Calls for $546 million in cuts to individual, corporate taxes
- Measure will need approval from congress, oversight board
Pedro Pierluisi
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Puerto Rico Governor Pedro Pierluisi on Monday unveiled a sweeping tax reform proposal that would slash individual and corporate rates and simplify the US territory’s tax code.
Under the proposal, Puerto Rico’s maximum tax rate for individuals would be reduced from 33% to 30%. The marginal corporate tax rate, now 37.5%, would change to between 17% and 33%, depending on the size of the business.