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As a small-time, in-state investor, I was relieved Gov. David Ige vetoed the taxation-of-REITs bill (“Ige vetoes REIT and vacation rental tax bills,” Star- Advertiser, July 10). As investors, we all know we are subject to triple layers of taxation: 1) at the corporate level (corporate taxes), 2) on our investment gains and income as individuals (income taxes), and 3) as consumers of these corporate products and services (sales and general excise taxes).
Those believing REITs should be taxed do not realize there are local investors such as myself who own REITs through mutual funds or as direct investments, and pay state income taxes on their capital gains and dividends. Instead of taxing REITs that eventually will pass this tax on to consumers, critics should focus more on having the state do a better job in collecting long-overdue lease rent payments on state lands, delinquent taxes, or cut back spending.
Linda Hayashi
Pearl City
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