Puerto Rico: A Microcosm For The Worst Kind Of Capitalist Ideas
Puerto Rico is in dire need of fuel for generators as they deal with the devastation of Hurricane Fiona. But a ship carrying fuel has been idling offshore, unable to enter a port, because it’s Puerto Rico, where the Jones Act—requiring that all goods be brought in on a US-built ship, owned and crewed by US citizens, and flying the US flag—makes critical goods more expensive, or in this case, out of reach. (The White House has just announced it will temporarily waive the Jones Act.)
Investment firms in mainland states can’t act as advisors to the government in the issue of bonds while at the same time marketing those bonds to investors—but they can in Puerto Rico.
In Puerto Rico, you can get tax breaks, including zero income tax on capital gains—unless, that is, you were born on the island. Only non–Puerto Ricans qualify.
Puerto Ricans themselves are ineligible for Supplemental Security Income, even though they pay payroll taxes.