The Senate discusses tax-simplification and relief measures for the working class

Puerto Rico Senate President Thomas Rivera Schatz led a technical-analysis session in the Finance Commission to evaluate various legislative tax-reform and simplification proposals directed at providing direct economic relief to salaried middle-class working families.

The measures under discussion propose a gradual, stepped reduction in marginal income-tax rates for individuals, raising the tax-exempt brackets and increasing the standard deduction for cost of living, besides contemplating the simplification of filing procedures for small merchants and independent workers.

Senate President Thomas Rivera Schatz emphasized that the legislative body will seek consensus with the Executive and the Fiscal Oversight Board, led by Robert F. Mujica Jr., to structure a mechanism that meets the fiscal-neutrality parameters required by PROMESA section 204(a). The legislative leadership reiterated that the Puerto Rican working class deserves a more equitable and less burdensome tax system.

Source: El Nuevo Día. https://www.elnuevodia.com/noticias/politica/notas/senado-debate-proyectos-de-simplificacion-y-alivio-contributivo/