Puerto Rico

Puerto Ricos 2.9 billion borrowing plan

the senate is passing a new plan that will boost government plan that will help fund government transportation and help the struggling economy puerto rico is in dept. for 2.9 billion bonds so to increase revenue they are approving to increase tax from 9.25- 15.50$ for each barrel of oil in the long run there profiting 178 million per year to eventually decrease dept. and provide to make better transportation and build new roads and companies.

author/ article date

Michelle Kaske from bloomberg

article written december 1st 2014

significance

this act is very important because puerto rico sells oil to the US and many other countries and since their increasing taxes other countries are going to have to pay more money which is going to somewhat affect them while helping puerto rico economy. this impacts my life by in the long run by the government eventually raising the tax on oil in america to make up for lost money.