"Deuda" by Same Sosa. A brief history.. In 1917 US President Woodrow Wilson signed the "Jones-Shaforth Act" Witch made #PuertoRico a US territory and granted Puerto Ricans statutory citizenship. It also granted TRIPLE TAX EXEMPTION from bonds issued by the government of Puerto Rico. Regardless of where the bond holder resided.
Irrespective of their account balances Puerto Rico began to issue bonds that were attractive to buyers. By the 70s they were issuing debt to balance thier budget.
In 1976 under section 936 of the IRS code, "US #CORPORATIONS IN PUERTO RICO WERE EXEMPT FROM FEDERAL TAXES" making the island a haven for multinational #CAPITALISTS to set up shop.
By 1996 these tax breaks were incrementally rolled back and by 2006 they were completely removed. Companies started leaving and soon the island hit #recession.
Puerto Rico was now reliant on the issued bonds for revenue. By 2014 Puerto Rico's outstanding debt reached more than $70 BILLION. These bonds were downgraded. Debt continues to rise... These events along with a distressed economy and a series of government financial deficits, and most importantly the root cause of it all, #CAPITALISM that has left Puerto Rico in to this #debt crisis. not to mention #HurricaneMaria left the island decimated and 4 months have passed and half the island is still without electricity, food and shelter with little US government help.. To explain my piece is that, even though the island of Puerto Rico is in insurmountable debt and in the wake of destruction (witch represents the broken piggy bank) Even when all the money is gone, power, food, even help, What Puerto Ricans remain with left at the end is their pride and resiliency, (That represents the dollar with the flag on it) And to me that is priceless.. Money can't buy heart. 🇵🇷 #KINGofslaps#WorldFamousCrew#nyc#graffiti#streetart#art#politicalart#puertorican#debtcrisis#us#government#politics#corruption#povertypimps#fuckem#fuckthesystem
#HateHateHateHateHate 😂😂😂😂 #rp@jella_c The #PovertyPimps were Indeed visibly upset. It was almost as if they could see losing control over the people they've promised so much to, but to whom they've delivered very little. And not standing to honor the black and Hispanic families who were directly negatively impacted by their policies didn't help the #BlackCaucus's and the #DemocraticParty's causes either. I have a feeling those will be 4 votes lost to democrats. But that is also the reason they are fighting for #illegalimmigrants more than their already existing base of minorities. It's part of the reason HRC and Bernie promised to end deportations and have no border wall. To buy their votes from a new group of dependants who don't question their motives.