[Congressional Record Volume 169, Number 202 (Thursday, December 7, 2023)]
[House]
[Page H6727]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                           PUERTO RICO ACT 22

  (Mr. GARCIA of Illinois asked and was given permission to address the 
House for 1 minute and to revise and extend his remarks.)
  Mr. GARCIA of Illinois. Mr. Speaker, I rise today to draw attention 
to Puerto Rico Act 22 and echo the concerns of many, including my 
constituents, about this tax loophole.
  Because of Act 22, Puerto Rico is the only place in the world where a 
mainland U.S. citizen can move and not pay a dime in Federal capital 
gains or income tax without renouncing their citizenship.
  Act 22 was sold as an economic boost in the shadow of a recession, 
but that is not what has happened.
  Millionaires and billionaires are flocking to the island to avoid 
paying taxes. A cottage industry of tax professionals and CPAs has 
emerged to support these tax evaders.
  Crypto magnates, real estate speculators, and internet influencers, 
like Logan Paul, are part of a new generation of gentrifiers driving up 
costs and displacing Puerto Ricans.
  I am pleased that the IRS is cracking down on related fraud. Thanks 
to my colleagues' efforts, Federal investigations on the impacts of 
these policies have begun. Act 22 is part of a larger story, and it 
should be repealed.

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