|
Cover-over Subsidies
Cover-over subsidies are annual payments from the U.S. government to the U.S. Virgin Islands and Puerto Rico out of federal excise taxes. For example, when a bottle of rum is produced in either the Virgin Islands or Puerto Rico, and then sold in the United States, the federal excise tax on that bottle is returned to its place of production. Cover-over subsidies for U.S. island territories began in 1917. In 2008, the taxes generated about $371 million for Puerto Rico and $100 million for the Virgin Islands. In April 2009, Puerto Rico's congressional representative, Pedro Pierluisi, introduced a bill prohibiting territories from using more than 10 percent of their cover-over receipts for industry specific subsidies. This was as a result of increased competition to source distillery production between Puerto Rico and the U.S. Virgin Islands.Timothy P. Carney, Subsidies on trial in Caribbean rum rumble, Washington Examiner (Nov. 18, 2009), available at http://www.washingtonexaminer.c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Puerto Rico
; abbreviated PR), officially the Commonwealth of Puerto Rico, is a Government of Puerto Rico, self-governing Caribbean Geography of Puerto Rico, archipelago and island organized as an Territories of the United States, unincorporated territory of the United States under the designation of Commonwealth (U.S. insular area), commonwealth. Located about southeast of Miami, Miami, Florida between the Dominican Republic in the Greater Antilles and the United States Virgin Islands, U.S. Virgin Islands in the Lesser Antilles, it consists of the eponymous main island and numerous smaller islands, including Vieques, Puerto Rico, Vieques, Culebra, Puerto Rico, Culebra, and Isla de Mona, Mona. With approximately 3.2 million Puerto Ricans, residents, it is divided into Municipalities of Puerto Rico, 78 municipalities, of which the most populous is the Capital city, capital municipality of San Juan, Puerto Rico, San Juan, followed by those within the San Juan–Bayamón–Caguas metro ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Excise Tax In The United States
Excise tax in the United States is an indirect tax on listed items. Excise taxes can be and are made by federal, state, and local governments and are not uniform throughout the United States. Certain goods, such as gasoline, diesel fuel, alcohol, and tobacco products, are taxed by multiple governments simultaneously. Some excise taxes are collected from the producer or retailer and not paid directly by the consumer, and as such, often remain "hidden" in the price of a product or service rather than being listed separately. Federal excise taxes and revenues Federal excise taxes raised $86.8 billion in fiscal year 2020 or 2.5% of total federal tax revenue. These data come from Tables 2.1 through 2.4. Fuel Federal excise taxes have been stable at 18.4¢ per gallon for gasoline and 24.4¢ per gallon for diesel fuel since 1993. This raised $37.4 billion in fiscal year 2015. These fuel taxes raised 90% of the Highway Trust Fund. The average of state taxes on fuel was 31.02¢ per ga ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Congressional Research Service
The Congressional Research Service (CRS) is a public policy research institute of the United States Congress. Operating within the Library of Congress, it works primarily and directly for members of Congress and their committees and staff on a confidential, nonpartisan basis. CRS is sometimes known as Congress' think tank due to its broad mandate of providing research and analysis on all matters relevant to national policymaking. CRS has roughly 600 employees, who have a wide variety of expertise and disciplines, including lawyers, economists, historians, political scientists, reference librarians, and scientists. In the 2023 fiscal year, it was appropriated a budget of roughly $133.6 million by Congress. Modeled after the Wisconsin Legislative Reference Bureau, CRS was founded during the height of the Progressive Era as part of a broader effort to professionalize the government by providing independent research and information to public officials. Its work was initially ma ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pedro Pierluisi
Pedro Rafael Pierluisi Urrutia (born April 26, 1959) is an American politician and lawyer who served as the Governor of Puerto Rico from 2021 to 2025, having previously been the de facto governor from August 2–7, 2019. A member of New Progressive and Democratic Parties, he previously served as acting Secretary of State of Puerto Rico in 2019, as Resident Commissioner of Puerto Rico from 2009 to 2017, and as Secretary of Justice of Puerto Rico from 1993 to 1997. He was formerly a private attorney for Puerto Rico's fiscal oversight board under the Puerto Rico Oversight, Management, and Economic Stability Act. Pierluisi lost the New Progressive nomination in the 2024 gubernatorial election to Jenniffer González-Colón. Early life and education Pierluisi was born on April 26, 1959, in San Juan, Puerto Rico. His parents were Doris Urrutia and Jorge Pierluisi Diaz, former Secretary of Housing of Puerto Rico. He attended Colegio Marista Guaynabo in Guaynabo, grad ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Subsidy
A subsidy, subvention or government incentive is a type of government expenditure for individuals and households, as well as businesses with the aim of stabilizing the economy. It ensures that individuals and households are viable by having access to essential goods and services while giving businesses the opportunity to stay afloat and/or competitive. Subsidies not only promote long term economic stability but also help governments to respond to economic shocks during a recession or in response to unforeseen shocks, such as the COVID-19 pandemic. Subsidies take various forms— such as direct government expenditures, tax incentives, soft loans, price support, and government provision of goods and services. For instance, the government may distribute direct payment subsidies to individuals and households during an economic downturn in order to help its citizens pay their bills and to stimulate economic activity. Here, subsidies act as an effective financial aid issued when t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economy Of Puerto Rico
The economy of Puerto Rico is classified as a high-income economy by the World Bank and as the most competitive economy in Latin America by the World Economic Forum. The main drivers of Puerto Rico's economy are manufacturing, which primarily includes pharmaceuticals, textiles, petrochemicals, and electronics; followed by the service industry, notably finance, insurance, real estate, and tourism. The geography of Puerto Rico and its political status are both determining factors on its economic prosperity, primarily due to its relatively small size as an island; its lack of natural resources used to produce raw materials, and, consequently, its dependence on imports; as well as its relationship with the United States federal government, which controls its foreign policies while exerting trading restrictions, particularly in its shipping industry. At the macroeconomic level, Puerto Rico has been experiencing an economic depression for consecutive years, starting in 2006 after ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economy Of The United States Virgin Islands
An economy is an area of the production, distribution and trade, as well as consumption of goods and services. In general, it is defined as a social domain that emphasize the practices, discourses, and material expressions associated with the production, use, and management of resources. A given economy is a set of processes that involves its culture, values, education, technological evolution, history, social organization, political structure, legal systems, and natural resources as main factors. These factors give context, content, and set the conditions and parameters in which an economy functions. In other words, the economic domain is a social domain of interrelated human practices and transactions that does not stand alone. Economic agents can be individuals, businesses, organizations, or governments. Economic transactions occur when two groups or parties agree to the value or price of the transacted good or service, commonly expressed in a certain currency. However, m ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Subsidies
A subsidy, subvention or government incentive is a type of government expenditure for individuals and households, as well as businesses with the aim of stabilizing the economy. It ensures that individuals and households are viable by having access to essential goods and services while giving businesses the opportunity to stay afloat and/or competitive. Subsidies not only promote long term economic stability but also help governments to respond to economic shocks during a recession or in response to unforeseen shocks, such as the COVID-19 pandemic. Subsidies take various forms— such as direct government expenditures, tax incentives, soft loans, price support, and government provision of goods and services. For instance, the government may distribute direct payment subsidies to individuals and households during an economic downturn in order to help its citizens pay their bills and to stimulate economic activity. Here, subsidies act as an effective financial aid issued when the ec ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
