Missouri ballot measure · November 3, 2026

Missouri Amendment 7, explained

Permanent investment fund to replace state taxes. A ballot measure is a yes-or-no question put directly to voters — no candidate is involved, and the wording on the ballot is the wording that becomes law. This page shows that wording first, then what it actually changes.

The official wording

Shall the Missouri Constitution be amended to establish a permanent public endowment fund to support state government instead of taxing Missouri residents, prohibit the General Assembly from appropriating or diverting the fund, and eliminate state-imposed taxes once the fund generates sufficient revenue to replace them? State and local governmental entities estimate no costs or savings.

This is what appears on the ballot. Everything below explains it.

What it actually means

Creates the Show-Me Prosperity Fund, a permanent state investment fund built from money the Legislature puts in plus gifts and grants, invested in S&P 500 index funds. No money could be spent from it until its earnings could replace state tax revenue, at which point state taxes would be eliminated.

If you vote YES

The constitution would create the Show-Me Prosperity Fund, invested by the State Treasurer, receiving legislative appropriations, grants and donations.
The Legislature could not spend or divert money from the fund until the Treasurer certifies its net investment earnings are enough to eliminate state-imposed taxes; spending would then be capped at 3% of its five-year average value per year.
Once the fund can replace them, state income, sales and other state taxes would be eliminated and could not be reenacted unless the fund fails through insolvency or revenue shortfall.
No immediate change to taxes and no estimated cost; how fast the fund grows depends on how much the Legislature chooses to put in.

If you vote NO

No endowment fund would be created, and state services would continue to be funded mainly by state taxes such as the income and sales tax.
The Legislature would keep its current authority over taxes and appropriations.

The numbers that matter

Fiscal impact: No costs or savings
Annual spending cap once active: 3% of five-year average fund value
Fund size needed to replace general revenue: About $260 billion at a 5% return

Why supporters say YES

The goal is that in 100 or 125 years Missouri would not tax its citizens at all, with income, sales and other state taxes replaced by fund earnings.
— State Senator Adam Schnelting, sponsor

Why opponents say NO

It makes more sense to reduce spending so taxes can be lowered now, leaving people more money to invest privately, which is preferable to public investment.
— Tad DeHaven, Cato Institute
Replacing the tax code with long-term uncertainty could reduce the state's competitiveness; reform should focus on changes that help immediately.
— Manish Bhatt, Tax Foundation

What’s genuinely uncertain

Ballotpedia found no organised campaign against the measure; Freedom Principle MO is listed as a supporter.
To replace about $13 billion in general revenue, the fund would need roughly $260 billion earning 5%, according to Missouri Independent; the timeline depends entirely on future appropriations and market returns.

The bottom line

A long-term path toward eliminating state taxes, against tying up public money for decades in a fund that cannot be spent until it is very large.

One neutral sentence describing the tradeoff — not a recommendation.

Sources:sos.mo.gov ballotpedia.org missouriindependent.com

Checking it against the official text

The Missouri Secretary of State publishes the certified measures and, in most states, an official voter guide with fiscal notes. That is the authoritative version. Everything here is an explanation of it, not a substitute for it.

Confirm this with the official source

Your ballot is determined by your election authority, not by us. Verify your registration, precinct, and sample ballot at Missouri Secretary of State.

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