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Video instructions and help with filling out and completing Will Form 944 Pr Rico

Instructions and Help about Will Form 944 Pr Rico

In July 2016, Puerto Rico defaulted on its debt for the third time, leaving its bondholders another 800 million dollars short. This follows a multi-year debt crisis in the unincorporated territory, stemming from expired tax incentives for US companies and economic depression and government inefficiency. Although some are optimistic about Puerto Rico's future, others have already referred to it as a failed state. So, is Puerto Rico a failed state? Well, the term itself is widely debated, but according to the nonprofit fund for peace, there are four main characteristics to a fragile or failed state. One characteristic is that a fragile state loses the legitimate authority to make collective decisions. This is a bit of an interesting question for Puerto Rico, which relies heavily on the United States. Its economic boom was predicated on giving tax incentives to US businesses, and there was even a law from 1917 requiring all imports to be done on American ships with American crews. In fact, the current debt crisis has only been managed through the direct authority of the United States after President Obama signed 2016's promesa law, establishing a federal board to restructure Puerto Rico's debt. Another hallmark of fragile states is an inability to provide public services. The monopolized Energy Service Puerto Rico Electric Power Authority is pushing to raise electricity prices by 26% in early 2017, and all residents, even those with little to no income, will be forced to pay. But despite the rapidly increasing costs and the fact that more than a third of those who live in housing projects have reported an income of zero, Puerto Rico itself has been able to provide utilities to those who are able to pay for them. A fragile state also often loses control of its territory and/or police force. Puerto Rico's police...