"WASHINGTON -- Puerto Rico is still drowning from Hurricane Maria but it’s already facing its next crisis — a U.S. tax reform bill that island officials fear will devastate the economy.
Puerto Rico Gov. Ricardo Rosselló and Lt. Gov. Luis Rivera Marín will make a final plea on Wednesday to Republican officials, asking them to exempt the U.S. territory from a 20 percent excise tax on goods that American companies import from their overseas subsidiaries.
The measure in the GOP tax bill is designed to stop American companies from avoiding taxes by shifting profits overseas. But it would also apply to Puerto Rico because the island is treated as both a foreign and domestic entity under the U.S. tax code."