P.Rico's goverment runs out of money (Agreement Reached)
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This is really stupid. Tourism is one of our biggest industries. LEAVE THE TOURISTS ALONE. If you harass them, they will not come back. I know how I feel when I go to an airport or someplace and people come up to me with brochures, etc. They are on vacation and leaving their problems at home. They do not want to come here and see ours.
Dozens of protests gather in Isla Grande
SAN JUAN (EFE) – Dozens of protesters halted port operations in Isla Grande, where Royal Caribbean cruise ship had docked Tuesday.
Puerto Rico Teachers Federation President Rafael Feliciano said he picked that spot because cruise ships are an example of how large corporations don’t pay enough taxes, while working-class citizens—who also pay taxes—are out on the street.
"We’re holding a peaceful picket, chanting protest slogans," said Feliciano as tourists stood by without being able to get off the cruise ship.
Approximately 50 Special Tactics officers were mobilized to the area.
Dozens of protests gather in Isla Grande
SAN JUAN (EFE) – Dozens of protesters halted port operations in Isla Grande, where Royal Caribbean cruise ship had docked Tuesday.
Puerto Rico Teachers Federation President Rafael Feliciano said he picked that spot because cruise ships are an example of how large corporations don’t pay enough taxes, while working-class citizens—who also pay taxes—are out on the street.
"We’re holding a peaceful picket, chanting protest slogans," said Feliciano as tourists stood by without being able to get off the cruise ship.
Approximately 50 Special Tactics officers were mobilized to the area.
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I hope this goes through. If so, we will take enough of our IRAs to pay off our house. Then with no more house payments, we would get the 5% back fast. I would feel better in control of our money then have it there for the government to borrow, etc. What I am worried about is the 20 plus years of pension John has with the university. I hope they cannot touch that.
NPP representatives take steps towards government loan
SAN JUAN (EFE) – New Progressive Party (NPP) representatives proposed on Tuesday a new version of a tax reform bill to enable the executive branch to take out a loan to end the fiscal crisis.
NPP Reps. Ángel Pérez and Antonio Silva Delgado said Tuesday that they had proposed several changes to House Bill 2596, so that additional funds from a 1% share of revenues from a sales tax make up for any shortage.
Representatives must now consult these changes with their respective delegations.
House Bill 2596 would let holders of IRAs and other retirement plans for government and private sector employees pay in advance a special tax of 5% on money already accumulated in their individual plans.
NPP representatives take steps towards government loan
SAN JUAN (EFE) – New Progressive Party (NPP) representatives proposed on Tuesday a new version of a tax reform bill to enable the executive branch to take out a loan to end the fiscal crisis.
NPP Reps. Ángel Pérez and Antonio Silva Delgado said Tuesday that they had proposed several changes to House Bill 2596, so that additional funds from a 1% share of revenues from a sales tax make up for any shortage.
Representatives must now consult these changes with their respective delegations.
House Bill 2596 would let holders of IRAs and other retirement plans for government and private sector employees pay in advance a special tax of 5% on money already accumulated in their individual plans.
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This protest was not smart..........
Bonilla: Protest interferes with local businesses, tourism
SAN JUAN (EFE) – Ports Authority Executive Director Fernando J. Bonilla condemned the protest held by the Puerto Rico Teachers Federation at the Pan-American Pier in Isla Grande Tuesday.
According to Bonilla, even though the protest was meant to denounce the role that large corporations allegedly play in the fiscal crisis of the island, in reality, the only ones affected by these demonstrations were small business owners in Old San Juan.
"They affected the interests of small business owners in Old San Juan, taxi drivers, and tour guides. If they persist, union leaders representing the latter will see business volume in the tourism sector dwindle,” Bonilla said.
The Ports Authority chief reminded union leaders that cruise liners could very well choose another Caribbean destination if they believe Puerto Rico is no longer attractive.
He also underscored last year’s efforts to make San Juan an attractive tourist destination in the Caribbean by implementing incentives programs.
Tourism Co. Executive Director Terestella González Denton said the agency activated a Rapid Response Committee to guarantee tourism services.
According to González Denton, the crisis has yet to have a negative effect on services such as taxis, public safety, and emergency services.
"Right now, all airports, ports, taxis, hotels, casinos, national and local parks, excursion services, tourist centers, hospitals, fire and police station operations are normal,” González Denton said.
Bonilla: Protest interferes with local businesses, tourism
SAN JUAN (EFE) – Ports Authority Executive Director Fernando J. Bonilla condemned the protest held by the Puerto Rico Teachers Federation at the Pan-American Pier in Isla Grande Tuesday.
According to Bonilla, even though the protest was meant to denounce the role that large corporations allegedly play in the fiscal crisis of the island, in reality, the only ones affected by these demonstrations were small business owners in Old San Juan.
"They affected the interests of small business owners in Old San Juan, taxi drivers, and tour guides. If they persist, union leaders representing the latter will see business volume in the tourism sector dwindle,” Bonilla said.
The Ports Authority chief reminded union leaders that cruise liners could very well choose another Caribbean destination if they believe Puerto Rico is no longer attractive.
He also underscored last year’s efforts to make San Juan an attractive tourist destination in the Caribbean by implementing incentives programs.
Tourism Co. Executive Director Terestella González Denton said the agency activated a Rapid Response Committee to guarantee tourism services.
According to González Denton, the crisis has yet to have a negative effect on services such as taxis, public safety, and emergency services.
"Right now, all airports, ports, taxis, hotels, casinos, national and local parks, excursion services, tourist centers, hospitals, fire and police station operations are normal,” González Denton said.
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- furluvcats
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- furluvcats
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- furluvcats
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Well, I think you can read the article above I posted where the protesters stopped the tourists from leaving the ship for a time. Yes, they did not like that. If PR doesn't watch it, they could lose a ton of money here. There are other Virgin Islands, etc. who would want all this. And they want to tax the cruise industry more. You don't bite the hand that feeds you. Tourism is our number one industry. We need them, they don't need us. The protesters were way out of line.
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- Stephanie
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Janice wrote:Maybe it is just a tax for people receiving their retirement money now. I remember Enron, people woke up one morning and everything they had was gone.
This is scary, if the US got another war, like Iran, and a couple Katrinas, things could get bad fast there too.
I know the IRAs are safe, I am just worried about the 22 years of pension.
I'm so sorry Janice. I didn't read that article you posted about the tax on the IRA's and when I opened the link, it was a totally different article.
NORMALLY when a person retires, their IRA's and 401k's are taxed as they withdraw from them. The whole benefit to this is that you contribute to these using pre-tax income (i.e. not taxed) at your current earnings level, but when you withdraw from them during retirement, you'll essentially be taxed at a lower rate since your income will be less. Is it that they are going to increase the amount that they are taxing those benefits?
Also, I can't imagine how much the protests by the piers where the cruise lines dock are going to hurt your economy. I don't understand how the government can't see that.
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This is what they are trying to offer us. I think they will give us a one time buy out of 5% on our iras. That means we can take out enough to pay off our house, which we would do. Then the next year, with no house payments, the 5% would be put back. They think this will generate $200 million into the economy to open schools and pay government employees for a while. This would be great for us. We would never dream of taking our iras out before 65, but this would be great for us. They are also discussing tax reform where maybe there would be no deductions of any kind. The island is desperate and they have to get money the way they can. Yes, tourism will get hit hard by all this. I was confused with the IRA issue we discussed before, but now I know what they are offering. Like some companies offering early retirement buy out. John will work at least 10 more year, so we will continue adding the max in Iras we can for those years. What scares us is what about our 20 plus year retirement with the university. I hope the government keeps their hands off that. We still have to see if they will continue to pay our monthly insurance premiums, if not, I want to pay ours. It is a real mess, they better get this settled fast.
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This is a start... They still have to discuss how to repay the loan, etc. Also, they have to decide about the amount of sales tax the island will get. But at least are starting somewhere.
Government leaders reach preliminary agreement
SAN JUAN (EFE) – Gov. Aníbal Acevedo Vilá, House Speaker José Aponte Hernández, and Senate President Kenneth McClintock have reached an agreement subjected to the approval of certain details in order to end the economic crisis of the island.
After meeting with legislative leaders and members of a consensus committee in Fortaleza, Acevedo Vilá said the agreement would allow them to get everything back to normal.
He also said he would meet with Aponte Hernández and McClintock on Thursday to define certain details.
The three of them agreed to adopt the committee’s recommendations and authorize the Government Development Bank to issue a $741 million loan pending the approval of fiscal and tax reforms.
"There is no reason this shouldn’t be approved by Friday,” said the governor.
Acevedo Vilá has also instructed the Education Department to prepare the schools for the return of half a million students who have been out since May 1 as a result of a government lockout.
Government leaders reach preliminary agreement
SAN JUAN (EFE) – Gov. Aníbal Acevedo Vilá, House Speaker José Aponte Hernández, and Senate President Kenneth McClintock have reached an agreement subjected to the approval of certain details in order to end the economic crisis of the island.
After meeting with legislative leaders and members of a consensus committee in Fortaleza, Acevedo Vilá said the agreement would allow them to get everything back to normal.
He also said he would meet with Aponte Hernández and McClintock on Thursday to define certain details.
The three of them agreed to adopt the committee’s recommendations and authorize the Government Development Bank to issue a $741 million loan pending the approval of fiscal and tax reforms.
"There is no reason this shouldn’t be approved by Friday,” said the governor.
Acevedo Vilá has also instructed the Education Department to prepare the schools for the return of half a million students who have been out since May 1 as a result of a government lockout.
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- cycloneye
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I hope that the agreement holds because Janice you know how politics work here but thia agreement looks strong and all the parties agreed on it.Now let's see if the Senete and the House gives the ok.
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House to evaluate four legislative measures
SAN JUAN (EFE) – The House of Representatives declared a recess until 2 p.m. Thursday to analyze the legislative measures that will help solve the crisis that has kept approximately 95,000 government employees out on the street for 11 days.
New Progressive Party (NPP) House Majority Leader Iris Miriam Ruiz told EFE that the lower chamber will evaluate four bills. However, she didn’t rule out others measures.
The first one, House Bill 2596, could reach the House floor today if both House and Senate conference committee members agree on certain amendments. If approved and signed into law, the bill would open a window to let holders of IRAs and other retirement plans pay in advance a special tax of 5%—instead of a 20%—on the money already accumulated in their individual plans.
The second measure is House Bill 2601, which would levy an additional 2% tax on the existing 2.5% on banking institutions.
The third measure is House Bill 1458, to order Treasury Secretary Juan Carlos Méndez to pay government employees affected by the partial lockout. Once the measure is approved at the House, it will be sent to the Senate.
House Bill 2600 is currently pending Senate approval. This bill states that income coming from royalty payments would go to a special fund to cover payroll expenses until June 30. Anything exceeding the $531 million needed for the deficit will be used to pay the debt at the Teachers Retirement System.
House Budget Committee Chairman Ángel Pérez said he hopes to present the fiscal reform bill to the NPP delegation by 5 p.m. The bill is also scheduled for approval by Friday.
All these legislative measures are being evaluated after Gov. Aníbal Acevedo Vilá and legislative leaders agreed to a series of recommendations in order to solve the present fiscal crisis.
SAN JUAN (EFE) – The House of Representatives declared a recess until 2 p.m. Thursday to analyze the legislative measures that will help solve the crisis that has kept approximately 95,000 government employees out on the street for 11 days.
New Progressive Party (NPP) House Majority Leader Iris Miriam Ruiz told EFE that the lower chamber will evaluate four bills. However, she didn’t rule out others measures.
The first one, House Bill 2596, could reach the House floor today if both House and Senate conference committee members agree on certain amendments. If approved and signed into law, the bill would open a window to let holders of IRAs and other retirement plans pay in advance a special tax of 5%—instead of a 20%—on the money already accumulated in their individual plans.
The second measure is House Bill 2601, which would levy an additional 2% tax on the existing 2.5% on banking institutions.
The third measure is House Bill 1458, to order Treasury Secretary Juan Carlos Méndez to pay government employees affected by the partial lockout. Once the measure is approved at the House, it will be sent to the Senate.
House Bill 2600 is currently pending Senate approval. This bill states that income coming from royalty payments would go to a special fund to cover payroll expenses until June 30. Anything exceeding the $531 million needed for the deficit will be used to pay the debt at the Teachers Retirement System.
House Budget Committee Chairman Ángel Pérez said he hopes to present the fiscal reform bill to the NPP delegation by 5 p.m. The bill is also scheduled for approval by Friday.
All these legislative measures are being evaluated after Gov. Aníbal Acevedo Vilá and legislative leaders agreed to a series of recommendations in order to solve the present fiscal crisis.
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- furluvcats
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