|
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. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Subsidies
A subsidy or government incentive is a form of financial aid or support extended to an economic sector (business, or individual) generally with the aim of promoting economic and social policy. Although commonly extended from the government, the term subsidy can relate to any type of support – for example from NGOs or as implicit subsidies. Subsidies come in various forms including: direct (cash grants, interest-free loans) and indirect (tax breaks, insurance, low-interest loans, accelerated depreciation, rent rebates). Furthermore, they can be broad or narrow, legal or illegal, ethical or unethical. The most common forms of subsidies are those to the producer or the consumer. Producer/production subsidies ensure producers are better off by either supplying market price support, direct support, or payments to factors of production. Consumer/consumption subsidies commonly reduce the price of goods and services to the consumer. For example, in the US at one time it was cheaper to buy ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Puerto Rico
Puerto Rico (; abbreviated PR; tnq, Boriken, ''Borinquen''), officially the Commonwealth of Puerto Rico ( es, link=yes, Estado Libre Asociado de Puerto Rico, lit=Free Associated State of Puerto Rico), is a Caribbean island and Unincorporated territories of the United States, unincorporated territory of the United States. It is located in the northeast Caribbean Sea, approximately southeast of Miami, Florida, between the Dominican Republic and the United States Virgin Islands, U.S. Virgin Islands, and includes the eponymous main island and several smaller islands, such as Isla de Mona, Mona, Culebra, Puerto Rico, Culebra, and Vieques, Puerto Rico, Vieques. It has roughly 3.2 million residents, and its Capital city, capital and Municipalities of Puerto Rico, most populous city is San Juan, Puerto Rico, San Juan. Spanish language, Spanish and English language, English are the official languages of the executive branch of government, though Spanish predominates. Puerto Rico ... [...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 gal ... [...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 reflecting a wide variety of expertise and disciplines, including lawyers, economists, reference librarians, and scientists. In the 2016 fiscal year, it was appropriated a budget of roughly $106.9 million by Congress. 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 made available to the public, but between 1952 and 2018 was restricted only to members of Congr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pedro Pierluisi
Pedro Rafael Pierluisi Urrutia (born April 26, 1959) is a Puerto Rican politician and lawyer currently serving as governor of Puerto Rico. He has previously served as Secretary of Justice, Resident Commissioner, acting Secretary of State, interim governor of Puerto Rico and as private attorney for Puerto Rico's fiscal oversight board under the Puerto Rico Oversight, Management, and Economic Stability Act. Early life and education Pierluisi was born on April 26, 1959, in San Juan, Puerto Rico. His parents are Jorge Pierluisi Díaz and Doris Urrutia. He attended Colegio Marista Guaynabo in Guaynabo, graduating in 1977. In 1981, he received a Bachelor of Arts degree in American History from Tulane University, and later earned a Juris Doctor degree from George Washington University Law School in 1984. He was President of the Puerto Rico Statehood Students Association chapter at Tulane University. During his studies at George Washington University, Pierluisi interned at the co ... [...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, primarily 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 a series of ne ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economy Of The United States Virgin Islands
The economy of the United States Virgin Islands is primarily dependent upon tourism, trade, and other services, accounting for nearly 60% of the Virgin Island's GDP and about half of total civilian employment. Close to two million tourists per year visit the islands. The government is the single largest employer. The agriculture sector is small, with most food being imported. The manufacturing sector consists of rum distilling, electronics, pharmaceuticals, and watch assembly. Rum production is significant. Shipments during a six-month period of fiscal year 2016 totaled 8,136.6 million proof gallons. In mid February 2017, the USVI was facing a financial crisis due to a very high debt level of $2 billion and a structural budget deficit of $110 million. The government introduced a "sin tax" bill that would introduce or increase taxes on rum, beer, tobacco products and sugary drinks, as well as internet purchases and timeshare unit owners. Governor Kenneth Mapp issued an order that re ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Subsidies
A subsidy or government incentive is a form of financial aid or support extended to an economic sector (business, or individual) generally with the aim of promoting economic and social policy. Although commonly extended from the government, the term subsidy can relate to any type of support – for example from NGOs or as implicit subsidies. Subsidies come in various forms including: direct (cash grants, interest-free loans) and indirect (tax breaks, insurance, low-interest loans, accelerated depreciation, rent rebates). Furthermore, they can be broad or narrow, legal or illegal, ethical or unethical. The most common forms of subsidies are those to the producer or the consumer. Producer/production subsidies ensure producers are better off by either supplying market price support, direct support, or payments to factors of production. Consumer/consumption subsidies commonly reduce the price of goods and services to the consumer. For example, in the US at one time it was cheaper to buy ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
