The Hollander Tax was a land tax put in place in 1900 by the Puerto Rico's US-appointed Treasurer, Jacob Hollander shortly after the acquisition of the island by the United States following the Spanish American War. It exempted lands priced below $100 and thus fell squarely on middle- and high-income landowners. Because there were no usury laws applicable in Puerto Rico like there were in the United States, interest rates spiked. It is often attributed as being a cause of the shift of land ownership to US banks.[1][2] The implementation of this law coincided with an artificial devaluation of the Puerto Rican Peso by US authorities.
References edit
- ^ Dick, Diane. "U.S. Tax Imperialism in Puerto Rico". American University Law Review. American University Law Review. Retrieved July 9, 2018.
- ^ Denis, Nelson. "Tax All the Fat People: The History of Taxes in Puerto Rico". Latino Rebels. Retrieved July 9, 2018.