WACO, Texas (KXXV) — Proposition 6 is on Tuesday's ballot here in Texas and it’s all about safeguarding Texans and those who use Y'all Street or Texas’ Wall Street Stock Exchange.
Waco's State Representative Pat Curry is on-board with Proposition 6 calling it, "one of the more exciting ones.”
Proposition 6 is one of 17 constitutional amendments on the Nov. 4 ballot.
On the ballot, Proposition 6 reads:
"The constitutional amendment prohibiting the legislature from enacting a law imposing an occupation tax on certain entities that enter into transactions conveying securities or imposing a tax on certain securities transactions."
So basically, Proposition 6 proposes a constitutional amendment to ban new taxes on securities transfers and financial transactions with the goal in mind of helping Y'all Street, Texas' Stock Exchange, grow.
Rep. Curry said Proposition 6, "cleans up the law," adding "to make it more attractive to businesses to trade their stocks on the new Y'all Street.”
According to the House Research Organization report supporters said this could help protect the earnings of Texas investors and boost the Texas economy while fostering growth and excitement for national stock exchanges wanting to move to Texas and be part of Y'all Street.
Critics believe this could hinder future legislatures from making tax policies if they wanted to help boost the state’s revenue if such actions were needed.
Click here to read more about the other propositions on the ballot.
