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Puerto Rico Attracts the Wealth

Puerto Rico is defaulting on its debt and has a water shortage so bad that the population is having to ration water. However, wealthy people are flocking to the island.

According to CNN, the reason rich people are still going to Puerto Rico is because of the low taxes. The government of Puerto Rico hopes to lure rich people to the island with tax exemptions or cuts on corporate taxes, personal income and other sources of profit. The biggest problem with Puerto Rico is its population.This strategy to bring wealthy people to the island is because of its shrinking tax base. Many Puerto Ricans are moving to Florida in search of better jobs.

For more news on Puerto Rico, click here.