Proposition 3 in Texas is a constitutional ban on a wealth tax, which would maintain the state's extreme wealth inequality. The tax system in Texas is regressive, with the wealthiest paying a lower percentage of their earnings in taxes compared to the middle and lower classes. A wealth tax would help rectify this imbalance by targeting the colossal fortune of the wealthiest Texans. However, banning a wealth tax would limit the state's ability to diversify revenue sources and adapt to economic challenges. The wealth gap in Texas is significant, with the top 1% owning nearly half of the state's total wealth. Racial wealth disparities also persist, with Black and Hispanic households experiencing lower home values, income levels, and higher poverty rates compared to their Asian and white peers. A wealth tax could generate additional state revenue and address these disparities, but Proposition 3 threatens the state's ability to implement such a tax. Texans deserve a fair and equitable tax system that benefits all residents and reduces economic inequality. [a305d3fa]
Every Texan has released a report named 'Texas is the Tale of Two Economies' to highlight the amount of wealth inequality being created in Texas. The report emphasizes that while Texas' economy has been growing at a rapid pace and boasts the second-largest state economy in the country, half of Americans earn less than their parents do, while 66 billionaires earn more than 70% of all Texans combined. The report aims to inform workers about the economic success they should be benefiting from. [b3831f28]