Puerto Rico’s tax cuts aimed to boost the economy, but crypto entrepreneurs like Brock Pierce have had minimal impact
The purpose of the tax cuts implemented in Puerto Rico in 2012 was to stimulate the economy by providing incentives for people from the mainland of the United States to do business and reside on the island, where they would be exempt from paying any capital gains taxes.
However, according to the most recent data, the IT entrepreneurs, and crypto entrepreneurs in particular, who came in large numbers to protect their wealth, did not contribute much to improving the company’s fortunes.
Brock Pierce, a 43-year-old former child actor who created the currently beleaguered digital currency Tether and whose local business dealings – including a real estate buying spree – have been ill-fated and short-lived, is the subject of a new report that zooms in most closely on Brock Pierce. The report suggests that some individuals have left unfinished business in their wake instead.