Missouri voters will decide on a constitutional amendment to create the Show-Me Prosperity Investment Fund, which would grow through state investments until its earnings could replace tax revenue, with the goal of reducing and eventually eliminating state taxes.

The amendment, Senate Joint Resolution 95, passed the state Legislature. The Senate approved it 22-7 on March 23, 2026, with 22 Republicans voting in favor and seven Democrats opposed. The House approved it 85-56 on May 15, 2026, with 85 Republicans voting in favor and 48 Democrats and eight Republicans opposed.

The Show-Me Prosperity Fund would be a state investment fund—it 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.

State Sen. Adam Schnelting (R-23), who sponsored the measure, described the investment fund as operating like a sovereign wealth fund, which is a government-owned investment fund. According to the White House, 23 states manage an investment fund. Alaska has the largest fund, the Alaska Permanent Fund, which is valued at $86.3 billion a year. This was established in 1976 when voters approved Proposition 2.

When describing the measure, Schnelting said, “My hope is that in, say, 100 years from now, or 125 years from now, Missouri doesn’t tax its citizens whatsoever — at all. All taxes, whether of income, corporate income, sales and use, the state portion of the personal property tax or the real estate tax, all of them will be gone. That’s the goal.”

Tad DeHaven, a policy analyst at the Cato Institute, criticized the amendment, saying that states and countries with sovereign wealth funds have generally used earnings from the funds to help stabilize budgets rather than cover the entirety of government spending. He said, “It makes more sense to focus on reducing spending so that taxes can be lowered, leaving people with more disposable income to invest. Private investment is preferable to public investment.”

Missouri voters will also be deciding on an amendment to phase out the individual income tax based on revenue growth, as well as reducing personal property and other local taxes when local revenues increase. Missouri voters will decide at least seven statewide ballot measures on Nov. 3, 2026.