Missouri proposes sovereign wealth fund to potentially eliminate state taxes
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How it started
What happened
Missourians will vote next month on Amendment 7, a proposal championed by State Sen. Adam Schnelting. This measure would establish a permanent public endowment fund, or sovereign wealth fund, to support state government. The ultimate goal of the fund is to eliminate all state taxes.
From ksmu.org
Why it matters
The proposal allows the state to invest public money, letting returns compound over generations. Proponents predict that an initial investment of $250 million could grow enough in 125 years to cover the state’s expenses. The proposed financial model is being compared to the Alaska Permanent Fund.
From ksmu.org
Who's involved
- MissouriThe state where the proposal to create a permanent public endowment fund is being considered.
- Adam SchneltingThe Republican state senator who championed the legislative proposal.
- Alaska Permanent FundThe permanent fund used as a comparison point for the proposed financial model.
How it developed
Newest first. Tap a step to see who reported it.- Missouri is advancing a legislative proposal (Amendment 3) in the wake of the Roe v. Wade overturning and resulting trigger ban.Sub-event
Schnelting crafted the tax elimination amendment; project calculated replacement timeline.1 source
Schnelting's Missouri proposal is being compared to the Alaska Permanent Fund.1 source
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The entities involved
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Missouri
state of the United States of America
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Adam Schnelting
U.S. politician from Missouri
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Alaska Permanent Fund
permanent fund of oil revenues managed by the State of Alaska
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