Over 45% of the island is living below the poverty line. Per capita income is roughly $16,000…half that of Mississippi, the poorest state in the US.
At the same time, billionaires are pouring in – buying the island for pennies on the dollar, and paying no taxes for their profits. And now they have their own magazine.
It’s called Puerto Rico Luxury.
Puerto Rico Luxury lists the best shopping, luxury spas, and boutique hotels in Puerto Rico. It tells you where to buy Cartier, Gucci, Ferragamo, and Jimmy Choo merchandise.
It also shows you how to ship and register your family car in Puerto Rico.
Photo of the family car in Puerto Rico Luxury
It has a “Tax Incentives” section which should be called Tax Evasion…since most Puerto Rico Luxury readers will not pay any dividend, interest or capital gains taxes for 20 years.
Of course, the Puerto Ricans who were born and raised on the island are being taxed to death. Their taxes are so high, that over one million of them had to leave the island over the past twelve years.
In a sad way, Puerto Rico Luxury reminds us of an old photo, taken in 1937.
It showed the Serallés Castle in Ponce.
The Serallés family created “Don Q” rum, and owned the Don Q rum distillery.
They also owned a vast sugar plantation, and engaged in the slave trade until 1868.
After 1868, they built a “company town” that essentially enslaved everyone inside it…so nothing much changed.
Today in 2016, the Serallés mentality has not disappeared. It has metastasized.
Like a cancer, it has spread through a new network of billionaires and multi-millionaires, who view Puerto Rico as their personal playground and ATM.
Please look at the photo again, for just a moment.
That little boy, walking barefoot in front of a company shack, is the soul of Puerto Rico.
The new “owners” of Puerto Rico live inside the castle.
They call the “Financial Control Board” to give their instructions.
They read Puerto Rico Luxury.
They do not see the little barefoot boy.
They could care less about him.
In a few years, he better show up on time, to work for them.
For a history of the War Against All Puerto Ricans, read the book…
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