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View Full Version : Obama admin eyes secret $6 billion Bailout for Puerto Rico




bobbyw24
01-11-2011, 05:50 AM
The Obama administration is eying a secretive tax deal critics charge is an indirect bailout for Puerto Rico to the tune of billions of taxpayer dollars.

The U.S. territory, desperate for revenues in the midst of the recession, surprised industry with a $6 billion tax on foreign firms – including a significant bloc of U.S. pharmaceutical firms – Oct. 22 in a rare weekend legislative session without any public debate in advance.

But now U.S. taxpayers, not the firms, could end up footing at least a significant chunk of the bill.

Gov. Luis Fortuño signed the new tax into law Oct. 25. That day, the Washington, D.C.-based whiteshoe law firm Steptoe & Johnson issued him a legal brief arguing U.S. firms should receive money from the U.S. government to offset the Puerto Rico tax increase, which Fortuño sent to the Internal Revenue Service, where a decision is pending.


Read more: http://dailycaller.com/2011/01/11/thedc-exclusive-a-secret-6-billion-bailout-for-puerto-rico/#ixzz1Aj8TKxNv

Noob
01-11-2011, 06:25 AM
Why is Puerto Rico not a State yet?

bobbyw24
01-11-2011, 06:28 AM
Since it people would have to pay income taxes and since it would guarantee several new Democratic members of Congress

Noob
01-11-2011, 06:32 AM
Since it people would have to pay income taxes and since it would guarantee several new Democratic members of Congress
I do support Statehood for Puerto Rico, they would have the ability to adopt a State Constitution that put all the other Constitutions from the other States to shame.

TonySutton
01-11-2011, 07:28 AM
I support independence for Puerto Rico and all other US Territories!

For the most part we have only retained these properties for military purposes.

osan
01-11-2011, 07:33 AM
Why is Puerto Rico not a State yet?

To hell with that noise. Cut 'em loose and let them fend for themselves.

osan
01-11-2011, 07:35 AM
I do support Statehood for Puerto Rico, they would have the ability to adopt a State Constitution that put all the other Constitutions from the other States to shame.

You don't understand Puerto Rico very well then, eh? It's been co-opted by parasitism. They'd be another NYC, only warmer.

Brooklyn Red Leg
01-11-2011, 07:41 AM
To hell with that noise. Cut 'em loose and let them fend for themselves.

+rep for truthiness. Fuck 'em, let 'em have independence whether they want it or not. They're a drain on the rest of us.

oyarde
01-11-2011, 04:04 PM
Why is Puerto Rico not a State yet?

Because they continue to vote not to , which is in the best interest of them. They get the protection of the US . Without the repressive taxes . Avg wage is 8.00 an hour . If you were making that would you want to sign on for the Federal theft program and health care mandate ?

gls
01-11-2011, 04:28 PM
For the most part we have only retained these properties for military purposes.

Yeah, it's a vestige of the cold war. We didn't want the Soviets to have another launching pad, ala Cuba. Now it's just a drain. The military can't even conduct tests there without causing a huge uproar.

DXDoug
01-11-2011, 04:46 PM
They need 6 billion... crapola . When will they stop printing money.... all i see all day is new billions billions billions.. gone....

MelissaWV
01-11-2011, 05:02 PM
It's a more complicated matter than "fuck 'em" or "let them become a state and write an amazing Constitution."

There are distinct reasons for the island being how it is. If you'd like to simply call it a bunch of lazy people, go ahead, but ignorance isn't pretty on anyone. The US Gov hasn't quit using the island, either, and will continue to use it even after "independence," rest assured. It's just not worth the cost anymore. It used to be an awesome deal, and the mainland milked the hell out of it. It's interesting to see how soldiers from the "territories" were used as fodder over the years. I don't really even need to bring up Vieques. You either know about that, or you don't. Let's just say that you shouldn't plan your next vacation there.

The politicians in place are corrupt and out for themselves. This shouldn't be shocking, as that's the status quo for politicians. There are unions galore and they used to strike all the time. It was a given that if you were on the island, the power was going to go out for no reason, and you might even catch a much rarer sanitation strike... or lose your water. The power going out when it's hot, humid, and bug-infested, is not fun. There have been bombings and other things on the island, of course, and there's the constant leak of illegal immigrants that come over and set up tin shacks that count for housing along the sides of half-abandoned plantations. The hurricanes wipe them out, and then they build somewhere else or wind up on the welfare roles. Yep. Those welfare roles.

Add to that the fact that no one wants to stick around except the utterly stupid (most will flee to the mainland where living conditions are better, more affordable, and there is a good possibility for a job and an education) and the elderly.

The island's a pain in the ass in a lot of ways, but it has brought in its fair share in others. The latter view isn't shared by many.

The $6billion bailout doesn't shock me; the rest of the nation's already gotten its jollies here and there. The pharmaceutical companies that were using the island as a distribution point probably just shifted elsewhere and avoided the taxes.

aGameOfThrones
01-11-2011, 05:39 PM
I do support Statehood for Puerto Rico, they would have the ability to adopt a State Constitution that put all the other Constitutions from the other States to shame.

Read the current one.


ARTICLE I
THE COMMONWEALTH

Section 1. The Commonwealth of Puerto Rico is hereby constituted. Its political power emanates from the people and shall be exercised in accordance with their will, within the terms of the compact agreed upon between the people of Puerto Rico and the United States of America.

Section 2. The government of the Commonwealth of Puerto Rico shall be republican in form and its legislative, judicial and executive branches as established by this Constitution shall be equally subordinate to the sovereignty of the people of Puerto Rico.

Section 3. The political authority of the Commonwealth of Puerto Rico shall extend to the Island of Puerto Rico and to the adjacent islands within its jurisdiction.

Section 4. The seat of the government shall be the city of San Juan.

ARTICLE II
BILL OF RIGHTS

Section 1. The dignity of the human being is inviolable. All men are equal before the law. No discrimination shall be made on account of race, color, sex, birth, social origin or condition, or political or religious ideas. Both the laws and the system of public education shall embody these principles of essential human equality.

Section 2. The laws shall guarantee the expression of the will of the people by means of equal, direct and secret universal suffrage and shall protect the citizen against any coercion in the exercise of the electoral franchise.

Section 3. No law shall be made respecting an establishment of religion or prohibiting the free exercise thereof. There shall be complete separation of church and state.

Section 4. No law shall be made abridging the freedom of speech or of the press, or the right of the people peaceably to assemble and to petition the government for a redress of grievances.

Section 5. Every person has the right to an education which shall be directed to the full development of the human personality and to the strengthening of respect for human rights and fundamental freedoms. There shall be a system of free and wholly non-sectarian public education. Instruction in the elementary and secondary schools shall be free and shall be compulsory in the elementary schools to the extent permitted by the facilities of the state. No public property or public funds shall be used for the support of schools or educational institutions other than those of the state. Nothing contained in this provision shall prevent the state from furnishing.to any child non-educational services established by law for the protection or welfare of children.*

* By Resolution number 34, approved by the Constitutional Convention and ratified in the Referendum held on November 4, 1952, section 5 of article II was amended, adding to such section the following declaration: "Compulsory attendance at elementary public schools to the extent permitted by the facilities of the state as herein provided shall not be construed as applicable to those who receive elementary education in schools established under non-governmental auspices."

Section 6. Persons may join with each other and organize freely for any lawful purpose, except in military or quasi-military organizations.

Section 7. The right to life, liberty and the enjoyment of property is recognized as a fundamental right of man. The death penalty shall not exist. No person shall be deprived of his liberty or property without due process of law. No person in Puerto Rico shall be denied the equal protection of the laws. No laws impairing the obligation of contracts shall be enacted. A minimum amount of property and possessions shall be exempt from attachment as provided by law.

Section 8. Every person has the right to the protection of law against abusive attacks on his honor, reputation and private or family life.

Section 9. Private property shall not be taken or damaged for public use except upon payment of just compensation and in the manner provided by law. No law shall be enacted authorizing condemnation of printing presses, machinery or material devoted to publications of any kind. The buildings in which these objects are located may be condemned only after a judicial finding of public convenience and necessity pursuant to procedure that shall be provided by law, and may be taken before such ajudicial finding only when there is placed at the disposition of the publication an adequate site in which it can be installed and continue to operate for a reasonable time.

Section 10. The right of the people to be secure in their persons, houses, papers and effects against unreasonable searches and seizures shall not be violated.

Wire-tapping is prohibited.

No warrant for arrest or search and seizure shall issue except by judicial authority and only upon probable cause supported by oath or affirmation, and particularly describing the place to be searched and the persons to be arrested or the things to be seized.

Evidence obtained in violation of this section shall be inadmissible in the courts.

Section 11. In all criminal prosecutions, the accused shall enjoy the right to have a speedy and public trial, to be informed of the nature and cause of the accusation and to have a copy thereof, to be confronted with the witnesses against him, to have assistance of counsel, and to be presumed innocent.

In all prosecutions for a felony the accused shall have the right of trial by an impartial jury composed of twelve residents of the district, who may render their verdict by a majority vote which in no case may be less than nine.

No person shall be compelled in any criminal case to be a witness against himself and the failure of the accused to testify may be neither taken into consideration nor commented upon against him.

No person shall be twice put in jeopardy of punishment for the same offense.

Before conviction every accused shall be entitled to be admitted to bail.

Incarceration prior to trial shall not exceed six months nor shall bail or fines be excessive. No person shall be imprisoned for debt.

Section 12. Neither slavery nor involuntary servitude shall exist except in the latter case as a punishment for crime after the accused has been duly convicted. Cruel and unusual punishments shall not be inflicted. Suspension of civil rights including the right to vote shall cease upon service of the term of imprisonment imposed.

No ex post facto law or bill of attainder shall be passed.

Section 13. The writ of habeas corpus shall be granted without delay and free of costs. The privilege of the writ of habeas corpus shall not be suspended, unless the public safety requires it in case of rebellion, insurrection or invasion. Only the Legislative Assembly shall have the power to suspend the privilege of the writ of habeas corpus and the laws regulating its issuance. The military authority shall always be subordinate to civil authority.

Section 14. No titles of nobility or other hereditary honors shall be granted. No officer or employee of the Commonwealth shall accept gifts, donations, decorations or offices from any foreign country or officer without prior authorization by the Legislative Assembly.

Section 15. The employment of children less than fourteen years of age in any occupation which is prejudicial to their health or morals or which places them in jeopardy of life or limb is prohibited.

No child less than sixteen years of age shall be kept in custody in a jail or penitentiary.

Section 16. The right of every employee to choose his occupation freely and to resign therefrom is recognized, as is his right to equal pay for equal work, to a reasonable minimum salary, to protection against risks to his health or person in his work or employment, and to an ordinary-workday which shall not exceed eight hours. An employee may work in excess of this daily limit only if he is paid extra compensation as provided by law, at a rate never less than one and one-half times the regular rate at which he is employed.

Section 17. Persons employed by private businesses, enterprises and individual employers and by agencies or instrumentalities of the government operating as private businesses or enterprises, shall have the right to organize and to bargain collectively with their employers through representatives of their own free choosing in order to promote their welfare.

Section 18. In order to assure their right to organize and to bargain collectively, persons employed by private businesses, enterprises and individual employers and by agencies, enterprises and individual employers and by agencies or instrumentalities of the government operating as private businesses or enterprises, in their direct relations with their own employers shall have the right to strike, to picket and to engage in other legal concerted activities.

Nothing herein contained shall impair the authority of the Legislative Assembly to enact laws to deal with grave emergencies that clearly imperil the public health or safety or essential public services.

Section 19. The foregoing enumeration of rights shall not be construed restrictively nor does it contemplate the exclusion of other rights not specifically mentioned which belong to the people in a democracy. The power of the Legislative Assembly to enact laws for the protection of the life, health and general welfare of the people shall likewise not be construed restrictively.

* Section 20. The Commonwealth also recognizes the existence of the following human rights:

The right of every person to receive free elementary and secondary education.

The right of every person to obtain work.

The right of every person to a standard of living adequate for the health and well-being of himself and of his family, and especially to food, clothing, housing and medical care and necessary social services.

The right of every person to social protection in the event of unemployment, sickness, old age or disability.

The right of motherhood and childhood to special care and assistance.

The rights set forth in this section are closely connected with the progressive development of the economy of the Commonwealth and require, for their full effectiveness, sufficient resources and an agricultural and industrial development not yet attained by the Puerto Rican community.

In the light of their duty to achieve the full liberty of the citizen, the people and the government of Puerto Rico shall do everything in their power to promote the greatest possible expansion of the system of production, to assure the fairest distribution of economic output, and to obtain the maximum understanding between individual initiative and collective cooperation. The executive and judicial branches shall bear in mind this duty and shall construe the laws that tend to fulfill it in the most favorable manner possible.

* By Resolution number 34, approved by the Constitutional Convention and ratified in the Referendum held on November 4, 1962, section 20 of article II was eliminated.

aGameOfThrones
01-11-2011, 05:43 PM
+rep for truthiness. Fuck 'em, let 'em have independence whether they want it or not. They're a drain on the rest of us.

I can think of a few others who are as equally if not more of a drain.

QueenB4Liberty
01-11-2011, 05:43 PM
Wow. That's a crazy Constitution.

But yeah, let them go. We don't need anyone else draining us down.

aGameOfThrones
01-11-2011, 05:46 PM
Because they continue to vote not to , which is in the best interest of them. They get the protection of the US . Without the repressive taxes . Avg wage is 8.00 an hour . If you were making that would you want to sign on for the Federal theft program and health care mandate ?

They are signed-up for Federal theft programs and health care mandates... just not all.

oyarde
01-11-2011, 06:11 PM
They are signed-up for Federal theft programs and health care mandates... just not all.

They cannot afford any more , so it is to the benefit of them to keep things the way it is .

HOLLYWOOD
01-11-2011, 06:36 PM
Give almost $3 Billion to Captain Morgan to relocate their Puerto Rican plants to St. Croix in the Virgin Islands under the ARRA Theft Act? Now we have to Bailout P.R. to the tune of $6 Billion? Remember, the Imperial Empire will never surrender territory, ever. Plus there's a big bombing range island off of Puerto Rico, that's managed by the US government, even though a majority of of Puerto Ricans want the US bombs/bombing out of their, "SO-CALLED" territory. unfortunately, their delegate is for sale.

SO now, twice a much taxpayer money to attempt to fix a problem the government helped create.

http://www.nytimes.com/2010/10/16/business/16rum.html?pagewanted=all

Utter Nonsense, but it's all about government selling out to corporations that are good at lobbying/campaign donations/etc... WE THE PEOPLE LOSE.


What next? Another Bailout for NASCAR, because the poor can't trade Food stamps for Pit Passes? Utter Nonsense by Obama and the Imperial Empire.

BlackTerrel
01-11-2011, 09:53 PM
+rep for truthiness. Fuck 'em, let 'em have independence whether they want it or not. They're a drain on the rest of us.

What does that even mean? Maybe Florida is a drain on the rest of us.

Brooklyn Red Leg
01-11-2011, 10:05 PM
What does that even mean? Maybe Florida is a drain on the rest of us.

I'd have no problem if tomorrow our governor and legislature said 'We're going to be independent.' There is a large and growing independence movement for Puerto Rico. Let them go gracefully. Given 'em independence as I don't want to see another billion dollar + bailout.

aGameOfThrones
01-12-2011, 03:26 AM
I'd have no problem if tomorrow our governor and legislature said 'We're going to be independent.' There is a large and growing independence movement for Puerto Rico. Let them go gracefully. Given 'em independence as I don't want to see another billion dollar + bailout.

Hahahahaha! No, no there isn't.

Kludge
01-12-2011, 04:12 AM
The PR Independence Party was infiltrated by the FBI due to their socialist ties. http://www.thirdworldtraveler.com/Caribbean/FBI_PuertoRicanGroups.html

There is something more the USG must be getting out of PR we aren't seeing.

cindy25
01-12-2011, 04:23 AM
if only they would gain independence and use as their example The Bahamas, Antigua or Cayman (yes-I know Cayman is a crown colony but self governing)

Toureg89
01-12-2011, 11:06 AM
lol, PR would fail as a state. it would be on level with NY or CA

oyarde
01-12-2011, 04:06 PM
lol, PR would fail as a state. it would be on level with NY or CA

Yes and they know it . It would be New York with significant less revenue tax/steal .