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Puerto Rico also has the largest underground job sector in the United States, and experts estimate that a third of the island's entire economy functions under the table and is therefore untaxable.
With massive deficits piling up but no way to tax its way out, the Puerto Rican government began borrowing massive amounts of money and selling billion in bonds to Wall Street in hopes of getting fast cash to carry it through its economic downturn.
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When America's eyes turned to Puerto Rico after the island was devastated by Hurricane Maria last month, President Donald Trump was quick to condemn the "massive debt" the island was dealing with, even while the US territory was still in the throes of the storm's aftermath.
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But it also contributed the federal government's tax deficit in the 1980s and '90s, leading Congress to repeal the 1976 tax break in 1996.By the time the law was totally phased out by 2006, nearly all the American businesses that flocked to the island had gone, and Puerto Rico's economy had gone into freefall — 2005 was the last year the island experienced economic growth.And that was before the Great Recession, which decimated the economy further.Lorsque vous recherchez des adultes, vous trouverez des amis pour des rencontres adultes et pour vous envoyer en l'air si vous et vos partenaires êtes partants !Naviguez dans notre moteur de recherche ; vous y trouverez instantanément de nombreuses compatibilités avec des adultes à la recherche de rencontres sexuelles près de chez vous. Rejoignez Adult Friend maintenant et profitez du Chat Adultes avec des membres chauds 24h/24!
While Puerto Rican politicians took actions that exacerbated the island's debt, they were operating within very small parameters set for them by Washington, having had little say on federal policies that have affected them ever since Puerto Rico became a US territory in 1898.