Caguas Puerto Rico: Encyclopedia II - Caguas Puerto Rico - Economy

Caguas Puerto Rico - Economy

Its community has enjoyed one of the best economies among Puerto Rican cities since at least the 1980s. During the early part of the 20th century, Caguas hosted one of Puerto Rico's most important sugar manufacturers, which gave employment to thousands of cagüeños.

Numerous business and important buildings have opened up there since then, including the imposing 23 story apartment building Caguas Tower, its adjacent competitors Bonneville Apartments, the 10 floor San Juan Bautista Medical Center, Plaza Del Carmen Mall, Plaza Centro Mall, Las Catalinas Mall, and various other important structures.

In September 2005 City Mayor William Miranda Marin levied the first Municipal tax in Puerto Rico via city ordinance. Area Merchants now charge a one cent tax for every dollar spent on all retail busineses. The tax has become known around the island as the "Willie Tax". It has resulted in a $500,000.00 monthly estimated income for the city. Other Island mayors are looking into the tax system.

Adapted from the Wikipedia article "Economy", under the G.N U Free Docmentation License. Please also see http://en.wikipedia.org/wiki