Texas Constitution Art. 8 sec. 25 – Wealth Tax Prohibited
Current as of: 2024 |
Terms Used In Texas Constitution Art. 8 sec. 25
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
The legislature may not impose a tax based on the wealth or net worth of an individual or family, including a tax based on the difference between the assets and liabilities of an individual or family.