"In Texas, 17 constitutional amendments will be up for a vote this November, on issues from bail reform to funding for dementia prevention. But the majority of the proposed measures concern tax rights, bans, and exemptions. Among them is Proposition 2, which calls to "Prohibit Capital Gains Tax on Individuals, Estates, and Trusts." If passed, the state of Texas would not be able to collect taxes on both "realized and unrealized capital gains," meaning profits generated from selling or holding an investment."
"Though there has been no polling on the issue, voters in the state are likely to pass Prop 2. Since 1993, the state has proposed three tax bans, and all three have been approved by voters. Under the 2019 income tax ballot proposal, capital gains taxes were already effectively banned, and in 2023, voters in Texas approved a ban on a " wealth tax " with nearly 68 percent of the vote."
Seventeen constitutional amendments will be on the Texas ballot in November, covering topics from bail reform to dementia prevention funding. Most proposed measures focus on tax rights, bans, and exemptions. Proposition 2 seeks to prohibit capital gains tax on individuals, estates, and trusts. If approved, Texas would be barred from taxing both realized and unrealized capital gains, including profits from selling or holding investments. Historical trends show voters in Texas have approved previous tax bans, including a 2019 income tax measure and a 2023 ban on a wealth tax. Governor Greg Abbott expressed support for preventing a capital gains tax.
Read at The Nation
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