After Year & Years of government overspending irregardless of budgets. It caught up with them. Now they have to act in desperation due to negligent management & out of control spending. Recently having to Add additional Taxes to everyday consumption items. Truly a sign of Desperation. Time to take someones money where you can get it. Why would anyone want to live there today, in a "Paradise filled with Taxation erosion of personal money"? Already, the largest private employer left five years ago and shut down its refinery. (Loss of Incomes & rum Taxes)
Ratings agencies have downgraded the islands’ credit ratings deep into junk territory. With the U.S. Virgin Islands shut out of the credit markets after a failed January bond issue, officials are scrambling to stabilize its finances after years of taking on debt to plug yawning budget holes.
The government proposes to slash public spending by 10 percent. It recently hiked taxes on liquor, cigarettes, sugary drinks and vacation timeshares. And it has threatened to auction homes and businesses of property-tax deadbeats.
Looks like we will be taking US Virgin Islands off our Bucket List. We don't intend to visit unstable vacation destinations.