Texans to vote on State Proposition 3: Wealth Tax

Published: Oct. 24, 2023 at 6:36 PM CDT
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WICHITA FALLS, Texas (KAUZ) - A proposal on the ballot this November that could impact the future of Texan’s wallets.

State Proposition 3, if passed would ban lawmakers from taxing the value of someone’s assets.

Experts share that this proposition has its pros and cons.

Currently, although it hasn’t been done, State Lawmakers have the power to impose a tax on assets like stocks, bonds, and family wealth.

If passed, Proposition 3 could take away that power.

“It’s simply a proposition to ban the legislature in the future from passing any tax bill based on wealth or assets. There are things we don’t like the government to spend money on, but there’s a lot of stuff they spend on that we desperately want and need.” Founder of Personal Money Planning Gary Silverman said.

If Proposition 3 doesn’t pass, State Lawmakers could impose a tax on things like stocks, bonds, and other forms of generational wealth.

“Well you know it’s a wealth tax. So the wealthy are going to get affected more.” Silverman said.

With Texas being a conservative state, this proposition not passing is slim.

“Texas traditionally has been a good place to retire, it’s been a good place to do the homestead exemption and things along that line. I think this proposition is just reinforcing those ideas.” Associate Political Science Professor Dr. Steve Garrison said.

Silverman hopes voters look at the bigger picture as they hit the polls.

“There’s pros and cons for every way of taxation, taxes are a necessity, and let that be base of the discussion on how to decide how you’re going to go into it.”