Closing Act 22 and Federal Tax Loopholes

Floor Speech

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Mrs. RAMIREZ. Mr. Speaker, I rise today to speak on a crisis of displacement, tax evasion, and lack of housing affordability that is directly affecting our communities, including the people of Illinois' Third Congressional District and their families.

Because of Act 22 and Federal tax loopholes, Puerto Rico is the only place where a wealthy American with no tie to the island can move and evade paying any Federal taxes--taxes that represent essential funds for safety net programs and critical infrastructure in our districts.

While those Americans seek out a tax shelter in Puerto Rico, they are driving up the price of rent by 600 percent, privatizing lands that belong to the people, robbing Puerto Ricans of affordable housing, and driving the second largest migration that the island has seen.

Congress has a responsibility to close the Act 22 loophole that is hurting Puerto Rico and depriving our districts of vital services.

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