Andrew F. Puzder, who rose to prominence as a fast food executive, recently withdrew from consideration to be President Donald Trump’s Secretary of Labor. Puzder had been the subject of a great deal of debate and scorn since his announcement in December, particularly among progressive groups and labor unions. After records of spousal abuse from
What the Incoming Commerce Secretary Could Mean for Business
President Donald Trump recently nominated Wilbur Ross to serve as U.S. Secretary of Commerce. With Ross’ confirmation by the Senate on February 27, 2017, economists are already looking at what the appointment will mean for businesses across the country—including here in the U.S. Virgin Islands.
Most of the discussions that took place during the congressional
Puerto Rico Looks to Entrepreneurism to Ease Financial Problems
With its current debt at more than $70 billion, Puerto Rico has been forced to consider new ways to balance its budget and meet its financial obligation. The territory no longer controls its own finances as of June 30, 2016, when then-President Barack Obama signed the Puerto Rico Oversight, Management and Economic Stability Act (
The Economic Impact of President Trump’s Proposed Tax Plan on the US Virgin Islands
During his campaign, President Donald Trump put forth a tax plan that would cap itemized deductions, barring single people from deducting more than $100,000 and preventing couples from deducting more than $200,000. This proposal would help raise more than $1 trillion over the course of a decade.
However, according to the Tax Policy Center
Legislators Look at ‘Sin Taxes’ to Address USVI Financial Situation
Members of the U.S. Virgin Islands Senate recently met to discuss a variety of issues, including the financial affairs of the Government of the Virgin Islands. Of particular interest were the opinions of senators on Gov. Kenneth Mapp’s proposed “sin taxes” for the territory.
These taxes would include new levies on cigarettes, alcohol, carbonated sugar
Legislature Approves Bill that Would Eliminate Customs Duties in US Virgin Islands
The Legislature of the Virgin Islands recently approved Bill No. 31-0398, a new bill eliminating customs duties in the Territory. These duties generate approximately $12 million every year, but for more than 10 years, the U.S. Customs and Border Protection has taken almost all of it to cover the costs of collecting it. As a
Can the U.S. Virgin Islands Avoid the Debt Problems Impacting Puerto Rico?
If you’ve been following the news over the past nine months or more, you likely know about the serious debt crisis facing Puerto Rico—and efforts by the United States federal government to address it. This begs a natural question: could the same thing happen here in the U.S. Virgin Islands?
That was the subject of
Fitch Downgrades US Virgin Islands Gross Receipt Tax Bonds
Fitch, one of the top ratings firms in the United States, has become the latest to officially downgrade U.S. Virgin Islands bonds. The downgrade comes at an inopportune time for the Government of the Virgin Islands, which is in the middle of hearings by the 31st Legislature on the FY 2017 Executive Budget which
Defend Trade Secrets Act Offers Federal Protection to Trade Secrets
Trade secrets are a valuable type of intellectual property—and they’re now subject to a number of federal protections similar to patents, copyrights and trademarks. This development is thanks to the new Defend Trade Secrets Act, which was written and approved to help strengthen the protection of trade secrets in the United States and its
With New Federal Rule, Many More Americans Now Eligible for Overtime Pay
Last summer, President Barack Obama announced plans to raise the overtime salary threshold, a move that promised to make millions more Americans eligible for overtime pay. Those plans went into effect last month, when the White House revealed the details of the new overtime threshold rules the President had set forth.
The measure is the