Checking a few summaries, I’m not sure how I’m off on this.
A “yes” vote supports creating a permanent public endowment fund managed by the state to generate revenue, and using the earnings to eliminate state-imposed taxes when sufficient to replace them.
The Show-Me Prosperity Investment Fund would receive funds appropriated by the legislature, as well as grants and donations, and the state treasurer would be required to invest it in exchange-traded funds tied to the S&P 500. Under the amendment, no money could be appropriated from the fund until its annual investment earnings are sufficient to replace revenue generated by state taxes. It would require that the money in the fund be used solely to eliminate state taxes, including the individual income tax, the state sales and use tax, the state corporate income tax, and all other state-imposed taxes. After these taxes are eliminated, the amendment would prohibit reenacting them, unless the fund is unable to meet its obligations. (Ballotopedia)
An investment fund to theoretically eliminate state taxes for taxpayers, should the legally allowed 3% withdrawal limit cover it. If that 3% doesn’t cover it, they can institute any legal method to collect the balance. What am I missing?
No, you’re absolutely fucking not reading it correctly. Good try though.
Thanks for proving the article’s point.
Care to state what you feel they read incorrectly?
I didn’t find it difficult to read, but I guess if the point is it being a college sophmore level, I’m over educated with a masters
My biggest issue with it is that I have so many unanswered questions about it. Chiefly, where is this money coming from?
Checking a few summaries, I’m not sure how I’m off on this.
An investment fund to theoretically eliminate state taxes for taxpayers, should the legally allowed 3% withdrawal limit cover it. If that 3% doesn’t cover it, they can institute any legal method to collect the balance. What am I missing?