BRYAN, Texas — Back in January, several states like California, Connecticut, and Washington introduced a wealth tax, yet Texas lawmakers are backing up a bill that would prohibit it, Proposition 3. A wealth tax is taxes based on personal assets, such as real estate and unincorporated businesses.
This bill, if passed, will prohibit imposing a wealth tax in the Lone Star state. Without any state or wealth tax currently in place political party chairs, like Addie Baird, explained how this would be a double tax for wealthy individuals and families.
"It's just a proactive measure to protect the growth of Texas," said Baird.
Baird is the Bell County Chair for the Republican party, whom she said is in favor of voting yes to the amendment.
"This is very important for Texas that people vote for this, and pass it and get this in the Constitution so that we ban any kind of wealth tax in the Texas constitution," U.S House Representative, Hugh Shine said.
According to Baird, some anti-capitalists believe the rich should be taxed as part of an 'Eat The Rich' slogan, but Baird says a wealth tax would strip away from those who have worked hard for their legacies.
"It forces people to sell their businesses or forces people to sell their property, in order to get enough liquidity to pay those taxes," said Baird. "So it really breaks up that legacy of the American dream that so many people are working so hard for."
KAGS News is still awaiting a response from the Democratic Party on where they stand on the bill.
There will be 13 other bills on the ballot for the upcoming November 7th general election.
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