Proposition 2 – A ban on capital gains tax
Proposition 2 is about banning capital gains tax.
Per KUT News:
This amendment would constitutionally ban taxes on capital gains made from selling stocks or other investments.
Capital gains taxes are already effectively banned in Texas, only because they’ve been interpreted to fall under the state’s ban on an income tax. But the proposition’s author points to the state of Washington, which successfully defended its tax on capital gains in court, arguing some weren’t protected by the state’s law against income taxes.
If the people elect representatives who are able to garner enough support to pass a capital gains tax, they should be able to do so without restrictions in the state constitution from prior-decade or -century constituents.
Recommendation: No