proposition 2: Protecting Wealthy Donors, Not Everyday Texans

This November 2025, Texans will vote on Proposition 2 (SJR 18), a constitutional amendment that would permanently ban the state from ever adopting a capital gains tax. On the surface, it sounds like a simple “no new taxes” measure. In reality, Prop 2 is about shielding wealth while leaving working Texans with the heavy load of property and sales taxes.

📖 Read the full text of SJR 18 (Prop 2): 89(R) SJR 18 - Enrolled Version

📑 Read the Senate Research Center’s Bill Analysis

Capital gains are profits from selling stocks, real estate, or other investments—and they’re how the wealthiest Texans make much of their money. Texas doesn’t currently tax capital gains, and there are no serious proposals to start. But by locking this ban into the constitution, Prop 2 would tie the state’s hands in the future, even if schools, healthcare, or infrastructure desperately need funding.

If lawmakers truly cared about lowering taxes for everyday Texans, they would fix the broken property tax system or reduce sales taxes that hit working families hardest. Instead, this amendment protects billionaire investors while keeping the tax system tilted against ordinary people.