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A Sept. 29 article about Proposition 3 on the Nov. 7 ballot to the Texas Constitution contained an error.The article stated “Supporters of Prop. 3 argue the additional tax would not greatly impact the wealthy...”That is not correct. The proposition would prohibit the state from creating a “wealth tax.”The proposed amendment prohibits lawmakers from imposing a “wealth tax,” based upon an individual’s market value of assets they own, including real property and retirement accounts, minus their debts or liabilities, such as bankruptcies net worth tax.Lawmakers would be obligated to ask voters for authorization before imposing any new tax based upon ...

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Lamesa Press-Reporter

P.O. Box 710
Lamesa, TX 79331
806-872-2177