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Comment by wallawe | Hacker News Reader

Don't know why you're being downvoted. This has worked well in Singapore as well. PR already moving in that direction too: if you claim full-time residency or incorporate there (183 days/yr), US citizens can avoid paying lots of different types of taxes [1]

https://www.the2022actsociety.org/index.php/tax-incentives

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Yes, whenever someone suggests prosperity via free markets and free minds here their comments are downvoted.

If PR could become a new Singapore or Hong Kong we would all benefit.

Right, so if there is substantially less tax burden why don't we see rapid development and prosperity?

When i visited there last year, and talked to residents, it appears there is a lot of corruption that goes on, which seems to do more harm than good to their economy.

That's not really the culture of Puerto Rico.

Say it like it really is

Crime

Nobody wants to get started there because theyll get kidnapped and murdered

Thats the perception anyway

Read up on the Jones Act for example: https://www.vox.com/policy-and-politics/2017/9/27/16373484/j...

All shipping to PR has to happen via US companies on ships built in the US crewed with US citizens, increasing the price of any good shipped there (basically everything)

Unsuprisingly, not having to pay taxes only offsets that to a certain point for people with somewhat normal incomes. And having rich people move there is of limited value if you basically waive all or most direct taxes.

All shipping between US destinations - not all shipping.

Yes, true, the effect is the same. A ship from overseas passes by PR with goods for the island. It harbors there. It continues to the mainland, now it’s in violation of the jones act since it’s transporting goods between US ports. What are the huge cargo freighters going to do? Unload everything at PR? No. They’ll pass and unload at the mainland.

Minor nitpick: they are not technically in violation of the act unless they actually onload cargo in PR, i.e. they could just offload at PR and continue on to mainland. The end result is the same though as merely offloading is not efficient so the ships always go to the mainland instead.

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