Senate Says Lawyers Helped Wealthy Americans Dodge Taxes Through Puerto Rico Residency Claims
Sen. Ron Wyden, the committee's ranking Democrat, said Thursday that ultra-wealthy investors may have improperly shifted billions of dollars in income to Puerto Rico through questionable legal opinions provided by major law firms. The concern is not that Americans legally moved to Puerto Rico to reduce future taxes, but that some allegedly tried to erase taxes they already owed before becoming bona fide residents.