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New "Ban" on Capital Gain Tax in TX

1,610 Views | 7 Replies | Last: 3 mo ago by Waiting on a Natty
Waiting on a Natty
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5:19p, 5/29/25
AG
Abbott signed a resolution so Texas voters can vote on "banning" capital gain taxes in Texas.

WTH is this about? The next legislative session will there by a push for a state income tax, so Abbott is getting out in front of that?

Or are we preparing to secede from the US?

Or, just more political posturing?
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Rexter
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7:09p, 5/29/25
Maybe property taxes will be frozen to purchase price...


Damn...it sounded good, but who am I kidding?
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Heineken-Ashi
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9:13p, 5/29/25
Removal of any taxes is always nothing but good.
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My Dad Earl
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10:24p, 5/29/25
AG
How would the State have the authority to ban capital gains taxes? Isn't that a federal tax?
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Buck Compton
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In reply to My Dad Earl • 8:15a, 5/30/25
AG
My Dad Earl said:
How would the State have the authority to ban capital gains taxes? Isn't that a federal tax?
Most states with state income tax have a capital gains tax in addition to the federal. I think this is just political posturing. The state constitution already explicitly forbids an income tax.
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Waiting on a Natty
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In reply to Buck Compton • 8:22a, 5/30/25
AG
It is political posturing. My other two possibilities listed above were in jest.
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Martin Cash
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In reply to Heineken-Ashi • 12:03p, 5/30/25
AG
Heineken-Ashi said:
Removal of any taxes is always nothing but good.
Wrong. Every time we vote ourselves another tax exemption, it just means some other tax will increase.
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Waiting on a Natty
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In reply to Martin Cash • 1:13p, 5/30/25
AG
Well, for one thing this is NOT a tax exemption since we do not have capital gain taxes in Texas. This is political posturing.

Secondly, even if there is a tax break, that does not mean we should replace that lost tax income with a different tax and subsequent income.
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