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Texas puts its reputation as one of the friendliest places in America, now, into the state Constitution.
Voters approved three amendments to the tax bill on Election Day, ensuring that the lone star state would never impose taxes from large families, states or estates, and certain social security payments.
While Texas currently does not levy these taxes, new constitutional amendments make TOXTYTY ENABLED, sending a signal to investors and corporations that the state’s low tax structures are here to stay.
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Downtown Skyline of Austin, Texas, the star capital of the world. (Stock)
“These votes make it clear that Texas’ low tax structure is not just policy, it’s now permanent,” Carliss Chatman, a law professor at Southern Methodist University School of Economics, told Fox Business. “And other states are trying to attract Amazon or Facebook with a temporary income tax or incentives, Texas doesn’t have to because we’re never going to pay those taxes anyway.”
Here are three steps:
- Tax-deferred capital gains: It prevents Texas from imposing a sales tax on the sale of money, real estate, or other large assets, a move meant to reassure investors and entrepreneurs.
- Security Tax Restrictions: The bars are from the tax on financial transactions or the sale of cash, effectively governing the “Surkey Tax” on the purchase or sale of shares.
- Inheritance and Lifa Lentelan Ban: It prevents any future tax on the transfer of wealth after death, protecting business owners and families who want to pass on estates.
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Texas voters have approved three new poll tax amendments. (Stock)
That’s the message Texas sends to more than 200 companies that have moved their headquarters to the State since the 19 pandemic, including COVIL-19, Hewlett, Oract, but also to those who are in the new distance.
Critics say locking in the ban could limit future lawmakers from raising money during a recession or funding essential state services. It also forces them to rely heavily on property and sales taxes, which often hit the middle and lower class.
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Supporters argue that the growing economy of Texas – now the largest – the largest in the world – generates enough revenue without available taxes, pointing to the state budget and evidence that low taxes can encourage prosperity rather than force it.
Time is back and strategic. The Texas Stock Exchange (TXSE), recently secured by the SEC, is slated to open in Dallas in 2026, directly challenging the New York Stock Exchange and Nasdaq.
The Texas Stock Exchange is slated to open in Dallas in 2026, and will be inspired by New York City’s Wall Street. (Hum Images / Universal Images Group via Getty Images)
TXSE managers say the aim is to stimulate competition and attract more companies to move to the community by providing a more cost-effective and friendly environment. In the last 25 years, the number of publicly traded companies in the US has decreased by about 45%, according to the exchange, a decrease, a decrease in the prospect of going back.
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Meanwhile, in both floods, Democrats took the opposite approach. In California, a proposed ballot measure would impose a 5% wealth tax on high-net-worth residents who don’t qualify to help fund the state’s Medicaid program — underscoring a growing divide over how the state approaches success.
With these constitutional barriers now in place, Texas has sent a clear message to street and highway alike: y’all Street is open for business – forever.
