Madagascar Development

But the GOP tax bill could be devastating for some Americans: those living in Puerto Rico. “The tax bill ... could be as damaging to Puerto Rico’s economy as Hurricane Maria was,” wrote Armando Valdés Prieto, a lawyer and political consultant in San Juan, in  an op-ed for the Washington Post . “One of the stated aims of the GOP tax bill is to bring jobs and investment back from foreign jurisdictions. And therein lies the problem,” Prieto said. The “problem” is that the US tax code treats Puerto Rico as a foreign jurisdiction on tax issues. Prieto says he’s worried that could push Puerto Rico’s pharmaceuticals and medical devices industries overseas, devastating the island’s already-struggling economy. For more on why Puerto Rico is considered a foreign jurisdiction on tax issues and what that means for the island listen to an interview with Prieto by listening to the audio, above.  One more thing… PRI takes a global approach to the ne...

Saturday evening was lively in Old San Juan. Restaurants in its narrow alleys were packed with locals listening to salsa. The main square was a mix of tourists and families. The silhouettes of dozens of kites against the sunset flew over the lawn in front of El Morro, San Juan's famous fort. On the beach, the upscale Vanderbilt Condado hotel was hosting a holiday party, its second in as many nights, and people stayed at Isla Verde's beach late into the afternoon. Mi Pequeno San Juan in the Old City has no power and can only accept cash.  Photo Credit: Johanna Jainchill To people who know San Juan, this will seem like a normal weekend. But the Puerto Rico that was devastated by Hurricane Maria in September is far from normal. The island is coming back slowly and, in many cases, painfully. Only 65% of the island has power restored and many residents have left in a mass exodus to the mainland United States. For the average tourist, however, visiting Puerto Rico will fee...