Tax Policy
Puerto Rico’s Act 22 tax break draws backlash as critics link it to displacement and rising housing costs
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Puerto Rico’s investor tax incentive known as Act 22—later folded into the island’s broader Act 60 incentives code—has become a flashpoint in debates over housing affordability and displacement, as critics argue the program helps wealthy newcomers reduce their U.S. tax bills while intensifying local pressures on rents and real estate.
The SPD aims to reform inheritance tax to burden large fortunes more heavily while relieving smaller ones. The concept proposes a lifetime exemption of one million euros and raises the allowance for family businesses to five million euros. Business associations and the CDU criticize the plans as a burden on the middle class.
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Japan's ruling parties approved their tax reform plan for fiscal 2026 on Friday, featuring measures to support households struggling with rising living costs, after incorporating opposition proposals. The plan aims to boost workers' net earnings.
France's new Prime Minister Michel Barnier has outlined ambitious plans to reduce the country's budget deficit to 4.7% of GDP by 2026, explicitly ruling out the introduction of a wealth tax. In a recent interview, Barnier emphasized fiscal discipline through spending cuts and efficiency measures, amid ongoing economic pressures and political debates over taxation. This announcement comes as France grapples with high public debt and the need to stabilize its finances in line with European Union guidelines.