The Indicator from Planet Money What Bad Bunny teaches us about Puerto Rican tax law
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Mar 10, 2025 Bad Bunny's latest album reflects on the changing landscape of Puerto Rico. The discussion dives into the island's complex tax laws, tracing their evolution since U.S. governance began. Listeners will learn about Act 22, a controversial tax initiative aimed at attracting wealthy newcomers, and discover its unintended consequences on local housing and economy. The conversation weaves through the rise and fall of Puerto Rico's economic prospects, shedding light on the challenges faced by long-term residents amid a shifting socio-economic tide.
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Bad Bunny's Calming Music
- Louise Valentin's baby loves Bad Bunny's new album.
- The album calms the baby down.
Puerto Rico's Transformation
- Bad Bunny's album focuses on Puerto Rico's changes due to economic forces.
- Political leaders have long aimed to transform Puerto Rico into a tax haven.
Tax Incentives and Manufacturing
- In the 1970s, federal law gave corporations tax incentives to move to Puerto Rico, leading to job creation.
- Louise Valentin's mother worked for General Electric, which benefited from these incentives.