Proposition 6 – Ban on some taxes aimed at financial service providers
Proposition 6 is about exempting a new Texas stock exchange from taxes.
Per KUT News:
If approved, this amendment would permanently bar the state from imposing occupation taxes on businesses like stock exchanges and broker dealers, and on taxing securities transactions. That means without another amendment undoing the action, Texas won’t be able to tax the buying and selling of stocks and bonds.
We do not need to prevent the future legislature from taxing financial services providers. That’s what the legislature is for.
Recommendation: No