Missouri Senate Bill SCR19

Missouri 2023 Regular Session

• Introduced: 5/5/23
• Refer: 5/12/23

Caption

Urges the U.S. Congress to enact the Economic Democracy Act

Impact

If enacted, the proposed Economic Democracy Act would amend the Federal Reserve Act to stop the monetization of government debt and create avenues for individual access to productive credit. The goal would be to stimulate private sector growth by promoting capital ownership and reducing reliance on consumer credit. Additionally, the act suggests eliminating the payroll tax and restructuring the tax system into a single-rate income tax, which could have significant implications for how wealth is distributed and generated in the state and nation. Proponents believe this could lead to an equitable system that nurtures all citizens' participation in the economy.

Summary

SCR19, also known as Senate Concurrent Resolution No. 19, urges the U.S. Congress to enact the proposed Economic Democracy Act. This act aims to address the growing economic disparity in the United States by promoting broad-based ownership of capital as a means to enhance economic opportunity and independence for all citizens. The resolution highlights several pressing issues affecting the economy, including the widening gap between the rich and the poor, the credit crisis, and the burden of federal debt on future generations. It asserts that the current monetary and tax policies disproportionately benefit the wealthy, thus stifling overall economic growth and innovation.

Contention

Key points of contention surrounding SCR19 include concerns about the practicality of its proposals and the potential impact on existing financial structures. Critics may argue that eliminating certain taxes and restructuring capital credit could lead to unintended consequences, such as deficits in funding for social programs and infrastructure. There is also skepticism regarding whether radical changes to monetary policy can effectively resolve issues of wealth inequality and economic growth. The resolution touches upon complex interdependencies within the economy, raising questions about the balance between regulation and free-market principles.