Tag Archives: Puerto Rico

Puerto Rico Deal Looks Like Bullshit

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MDC says, THE USA IS SO FUCKED …. LETS RAPE THIS BITCH OF ALL THE FUNDS ….as per TRUMP !!!

A tiny, 2-year-old energy company from a small town in Montana won a $300 million contract to fix Puerto Rico’s hurricane-ravaged power grid, raising concerns about the decision-making behind the lucrative deal and the company’s ties to people connected to the Trump administration, as well as the company’s ability to fully meet Puerto Rico’s recovery needs.

MDC says, Take a peek at the $10 website …(click to see)  WHITEFISH BULLSHIT ENERGY .

Whitefish Energy, which at the time of the Hurricane Maria’s landfall had only two full-time employees, now has by far the largest contract of any company involved in Puerto Rico’s recovery, and, according to reporting from the Daily Beast, is primarily financed by a firm run by a major Trump donor who has connections to several members of his administration.

The contract has also raised eyebrows because the company is based in Whitefish, Montana, the hometown of Interior Secretary Ryan Zinke (population: 7,436). Zinke’s office told the Washington Post that Zinke knows the company’s CEO because the town is a place where “everybody knows everybody” but that Zinke had no role in the deal. A member of the Puerto Rico House of Representatives, Luis Vega Ramos, told the Daily Beast that connections to Zinke and Puerto Rico Gov. Ricardo Rosselló were Whitefish’s “most important expertise and assets.” Vega Ramos accused Whitefish of being a “glorified middleman” that crafted a “cozy sweetheart deal” to make money off subcontracting.

Whitefish Energy, which says it now has 280 workers in Puerto Rico and is growing by 10 to 20 subcontractors a day, has taken on the Herculean task of restoring power to an island where the vast majority of citizens are still without electricity more than a month after the hurricane. The cash-strapped territory will spend $490 million on the initial phase of the power grid repairs, according to Rosselló.

The $300 million Whitefish contract sets hourly rates at $330 for site supervisors and $227 for journeyman linemen, with rates even higher for subcontractors: $462 per hour for supervisors and $319 for linemen. It also includes $332 nightly fees for each worker and $80 a day for food.  MDC says, QUIT your mundane utility job here in the USA and go to Puerto Rico and hang out and create delays and get paid.

Leave NO PET Behind

A dog looks out from a flooded house in Juana Matos, Catano,  Puerto Rico, on September 21, 2017. Puerto Rico braced for potentially calamitous flash flooding after being pummeled by Hurricane Maria which devastated the island and knocked out the entire electricity grid. The hurricane, which Puerto Rico Governor Ricardo Rossello called "the most devastating storm in a century," had battered the island of 3.4 million people after roaring ashore early Wednesday with deadly winds and heavy rain.  / AFP PHOTO / HECTOR RETAMAL        (Photo credit should read HECTOR RETAMAL/AFP/Getty Images)

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One tumultuous month after Hurricane Maria made landfall in Puerto Rico and the majority of the island is still without power, leaving thousands looking for a way out instead of getting ready to rebuild.

For pet lovers looking to flee the island, the decision to move elsewhere is made even harder: Due to federal restrictions and airline regulations, many Puerto Ricans leaving the country are not allowed to bring their pets with them, forcing these residents to leave their beloved dogs behind or not leave at all.

According to The Daily Beast, many of the airlines flying out of Puerto Rico are prohibiting passengers from bringing their pets on board because federal authorities are using the limited cargo space of planes to transport supplies. On top that, federal restrictions say that pets weighing more than 20 lbs. are not allowed to travel in the cabin, leaving all but small animals out of luck.

Pet Friendly Puerto Rico president Sylvia Bedrosian told The Daily Beast that these restrictions have led to the abandonment of 2,000 animals. Bedrosian also commented on how these current blocks on pets violate the No Pet Left Behind FEMA Act, put in place following Hurricane Katrina, which is supposed to ensure that pets are figured in to all federal emergency plans.

Right now residents with pets are depending on airlines to be flexible with their policies. Both JetBlue and Southwest have adjusted their pet policies to allow more animals on board, but the airlines still have to adhere to the 20-lb. in-cabin pet limit. United PetSafe, a pet transport business that flies animals from San Juan to the mainland, is limited by the same embargo. A United Airlines employee said the embargo was recently waived for them until Oct. 31, but gave no reason why it wasn’t lifted for other airlines.

“I understand that most planes coming from the U.S. to Puerto Rico are filled with goods, but what bothers me most is that planes leaving the island are mostly empty. Why take custody of an empty cargo?” Bedrosian told The Daily Beast.

Amid this frustrating confusion, animal rescue groups across North America are doing their best to save as many pets as possible, chartering private planes to retrieve animals from Puerto Rico and bring them to the contiguous United States to reunite with their owners or find a forever home.

 

Wealthy move to Puerto Rico

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John Paulson, a lifelong New Yorker, is exploring a move to Puerto Rico, where a new law would eliminate taxes on gains from the $9.5 billion he has invested in his own hedge funds, according to four people who have spoken to him about a possible relocation.

Ten wealthy Americans have already taken advantage of the year-old Puerto Rican law that lets new residents pay no local or U.S. federal taxes on capital gains, according to Alberto Baco Bague, Secretary of Economic Development and Commerce of Puerto Rico. The marginal tax rate for affluent New Yorkers can exceed 50 percent on ordinary income.

Promoting Investments
The Puerto Rican tax law provides a boon for someone like Paulson, who earns most of his money from investments. The federal rate for top earners in the U.S. is 23.8 percent on long-term capital gains and dividends and 39.6 percent on ordinary income, which includes short-term gains and interest. State and local taxes can push the marginal rate for rich New Yorkers higher.
Under the Puerto Rican law, any capital gains accrued after a person moves there would be tax free. Dividend and interest income paid by U.S. companies would still be subject to U.S. federal taxes, though would not be taxed locally.

In addition, new residents can benefit from another new law that taxes business income earned in Puerto Rico at 4 percent. That law could potentially apply to hedge fund fees earned by a resident for services rendered for U.S.-based clients, said Gabriel Hernandez, one of the framers of the Puerto Rican tax law and head of the tax division of BDO Puerto Rico PSC.

Residents of Puerto Rico, an unincorporated territory of the U.S., typically pay a local tax rate of as much as 33 percent, according to Gabriel. They don’t pay U.S. taxes on income from Puerto Rico, but are taxed on dividends and interest from U.S. companies. They are not subject to capital gains taxes in the U.S. and pay a 10 percent capital gains tax locally, from which new residents are exempt.

The preferential treatment for the new residents aims to promote investments in real estate, boost services and consumption, and encourage foreign service providers to move their businesses to the country, said Puerto Rico’s Baco Bague.

In addition to the 10 wealthy individuals who have already relocated to Puerto Rico to take advantage of the new laws, 40 more are currently talking to the government about moving and have brought their families to look at housing and schools, said Baco Bague. About 35 percent are hedge-fund managers, he added.

One hedge-fund manager, Pascal Forest, has taken the additional step of setting up his firm, Forest Investments LLC, in San Juan. Forest, a former portfolio manager at London-based BlueGold Capital Management LLP, said the tax incentives played into his decision to move to the island, as did his wife, who is Puerto Rican and wanted to come home after 16 years.

In order to become eligible for the new tax breaks, a person must live on the island for at least 183 days a year and prove that a preponderance of his social and family connections are there. Any person who moves to the island signs a contract with the government that guarantees the tax break through Dec. 31, 2035.