Sound Money Movement Chalks Up Seven State Legislative Victories in 2024
October 9, 2024
By Jp Cortez
This year is shaping up to be one of the most legislatively successful in U.S. sound money history.
Money Metals Exchange was instrumental in achieving six new sound money victories… as well as one key defensive win. The upshot is that sound money legislation, carefully crafted and propelled by grassroots enthusiasm, is proving to be both practical and achievable.
The seven legislative successes, coming on the heels of five in 2023, range from new sales tax and income tax exemptions to policies that undermine the Federal Reserve’s problematic monopoly on money. Here’s the rundown…
Sales Taxes on Gold & Silver Nearing Extinction
Two states in 2024 decisively moved to eliminate sales taxes on gold and silver purchases, removing the primary friction that keeps people from exchanging fiat for constitutional money.
--- Nebraska and Alabama Eliminate Income Taxes on Gold and Silver
While almost every state in the country now has a sales tax exemption on purchases of gold and silver, abolishing income taxes on precious metals has come increasingly into focus.
Utah and Louisiana Begin to Reestablish Gold’s Role as Money
Beyond taxes, states are passing measures that prompt state government investments in physical gold. Carried by Utah State Rep. Ken Ivory, House Bill 348 authorizes the state treasurer to invest a portion of funds in certain budget reserve accounts in precious metals.
Additionally, the measure calls for “a study analyzing the role of precious metals in augmenting, stabilizing, and ensuring the economic security and prosperity of the state, the families and residents of the state, and businesses in the state.”
In Louisiana, Gov. Jeff Landry signed Senate Bill 232 into law, reaffirming gold and silver as legal tender in the state. This symbolic victory reinforces the idea that gold and silver are money, even though there is no practical effect to the bill.