The Dallas Morning News recommends in the 2023 election for Proposition 3, which would make it t more difficult for the Texas Legislature to enact a wealth tax.
This constitutional amendment would require lawmakers to ask voters for authorization before they could impose any new state taxes on residents that would be based on net worth or wealth.This constitutional change amounts to an affirmation of the state’s long-standing support of economic self-determination.
A similar amendment to the Texas Constitution prohibited an individual state income tax, and voter approval of Proposition 3 this year would constitutionally prohibit a tax based on the wealth of an individual or family. A wealth tax has never been a serious proposal in Texas, but voter approval would make it more difficult for the Legislature to consider enacting such a tax, which some say would stifle investment and innovation..
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