Missourians will be casting ballots in November on a proposed constitutional amendment that would establish a permanent public endowment fund to support state government instead of taxing residents.
State Sen. Adam Schnelting (R-St. Charles County) sponsors Amendment 7, which would establish the Show-Me Prosperity fund if approved by voters:
“The intent as you just read is to eliminate all state-imposed taxes. It replaces the state revenue that we receive from taxes with the revenue earned from the fund,” he says.
Senator Schnelting tells 939 the Eagle’s “Wake Up Missouri” that we tax ourselves over and over. He says Albert Einstein once called compound interest the 8th wonder of the world:
“With the historic returns of the market if you were to invest say $100 a month into the S&P 500 from high school until retirement … we’ll you’ve only invested about $56,000 but you’ll have about $1.3 million when you retire. Why? Well, compound interest,” Senator Schnelting tells listeners.
Senator Schnelting suggests we harness the power of that principal, saying that within several generations Missouri can be the first state not taxed by state government.
Critics of Amendment 7 worry about the potential impact on state services and vulnerable residents.