IS IT TIME TO RECONSIDER THE FSM CONSTITUTIONAL BANS ON FOREIGN LAND OWNERSHIP AND INCOME TAXES?

ISN'T IT TIME TO RECONSIDER THE FSM CONSTITUTION'S (1) BAN ON FOREIGN LANDOWNERSHIP IN THE FSM AND (2) THE EXCLUSIVE NATIONAL AUTHORITY TO TAX INCOME??

(1) Foreign Land Ownership: The Founding Fathers and drafters of the FSM Constitution included the prohibition on foreign citizens and business' right to buy or own land in the FSM because they said they felt sorry for the FSM citizens to sell off all of their lands and become homeless like people in Hawaii or Guam. But now, that assumption seems to have proven 50% wrong, as a lot of people are still selling off lands to rich local people and become homeless. For example, in Chuuk today, the trend seems to be that landownership at least on Weno or in the Chuuk Lagoon is going in favor of a very few individuals that presently have money to buy lands: (a) the Chuuk State Government; (b) the Hersin and Moria Ruben Store; (c) the Shigeto Store; (d) the AWM Enterprises, and recently (e) the FSM Petro Corp. through long term land use agreements. (This is not a criticism of local wealth, but a restatement of fact to help public decision on a major issue: landownership and development). Meantime, a lot of potential foreign investors who want to buy lands from local families to make long term investments and developments in the islands are discouraged to invest because of title or land use insecurities.

(2) Income Tax: The FSM National Government has become doubly rich and financially self sufficient because of its exclusive authority to tax income, allowing it to restructure its income tax to attract foreign business subsidiaries and insurance companies to operate in the FSM with attractive foreign tax credit incentives. A lot of rich FSM tax payers are able to stash away their excess incomes without having to re-invest in the local economies. Some foreign businesses regularly send their excess income outside the FSM without having to reinvest in further exonomic activities in the islands. In the US, a lot of states and cities, (like a recent income tax in Seattle Wash.), are allowed to impose income tax ("surtax" if you will) on income for people and companies with income ability to pay. Should the FSM National Government at least pass a law, effectively dividing its income tax authority by at least allowing the states to impose income tax surcharge like Seattle, or something of a capital gains tax on the gains from sales or transfer of capital assets like businesses, or lands or stocks, or requiring re-investment in the local economies of accumulated wealth instead of sending them out or "reinvesting them with families and associates" outside the FSM///
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