Nation IN BRIEF : PUERTO RICO : Rally Backs Firms’ Tax-Break Program
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From Times Staff and Wire Reports
About 75,000 Puerto Ricans demonstrated in San Juan against proposed cuts to the 936 tax incentive program, often called the backbone of the island’s economy. The program, which allows subsidiaries of U.S. corporations to repatriate profits free of federal taxes to their parent companies, has come under fire for sheltering profits of pharmaceutical firms and for encouraging plants to defect to the U.S. commonwealth in the Caribbean.
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