Puerto Rico Gov. Anibal Acevedo Vila would like to replace 4.5% of the commonwealth's 7% sales tax with a revamped excise tax, yet legislative leaders are more interested in implementing spending cuts than swapping revenue streams.

Last week in his state of the commonwealth speech, the governor proposed eliminating 4.5% of the sales tax with a new and improved excise tax, a move he believes would help boost the island's economy. The plan would need to gain legislative approval, but Senate President Kenneth McClintock said the sales tax reduction plan may not make it through the Senate.

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