The legislative landscape in the United States for sound money is undergoing a significant transformation, marking 2024 as potentially one of the most successful years in the movement’s history. Spearheaded by organizations such as Money Metals Exchange, sound money advocates achieved a total of seven important legislative victories this year, continuing a trend that began with five successes in 2023. These legislative changes, powered by grassroots support, highlight a growing acknowledgment of sound money principles, aiming to facilitate a transition from fiat currencies to constitutional money—particularly gold and silver. This legislative progress includes the elimination of sales and income taxes on precious metal purchases and broader policies promoting the use of these assets to mitigate the Federal Reserve’s influence over the economy.
Two standout victories involve the elimination of sales taxes on gold and silver purchases in New Jersey and Wisconsin. Both states finally removed these taxes, which had historically discouraged their residents from using precious metals as a viable medium of exchange. Wisconsin’s Governor Tony Evers and New Jersey’s Governor Phil Murphy endorsed the respective bills, leading to a significant milestone in sound money advocacy. New Jersey’s Senate Bill 721 saw overwhelming support, being passed unanimously in legislative committees and both chambers of the state assembly. However, a notable limitation in this legislation is that it excludes gold and silver purchases under $1,000, creating a drawback for smaller investors. In contrast, Kentucky remains embroiled in a political standoff as Governor Andy Beshear has resisted efforts to eliminate the sales tax on precious metals despite overwhelming legislative support.
Expanding from sales tax matters, Alabama and Nebraska have taken significant steps toward abolishing income taxes on gains from selling gold and silver. Alabama’s Senate Bill 297, signed by Governor Kay Ivey, aims to align tax treatment with the understanding of gold and silver as constitutional money, with lawmakers emphasizing the need to protect citizens from external economic mismanagement. Similarly, Nebraska’s Legislative Bill 1317 not only eliminated capital gains taxes on precious metals but also reinforced the definition of money within the state, explicitly excluding central bank digital currencies. These legislative moves underscore a broader movement across states toward recognizing the historical role of gold and silver as legitimate forms of currency, rather than mere investment assets.
In a move toward re-establishing the role of gold, Utah’s legislative efforts have prompted state investments in precious metals, while Louisiana has reaffirmed gold and silver’s status as legal tender through Senate Bill 232. While Louisiana’s enactment may be more symbolic than practical, it nevertheless reflects a growing trend to recognize the significance of these metals within the monetary system. This resurgence is echoed across multiple states, suggesting an increasing willingness to reassess and recognize the value of precious metals in both economic and symbolic terms.
Despite this momentum, challenges remain. Each year, there are efforts to roll back existing sound money laws. Such was the case in Nebraska, where a proposed measure threatened the existing sales tax exemption on gold and silver. However, heightened grassroots activism led to the proposal’s removal, demonstrating the power of organized opposition to tax increases. This incident exemplifies the ongoing necessity for vigilance and proactive engagement from advocates to safeguard advancements in sound money legislation.
Overall, 2024 marks a pivotal year for the sound money movement, showcasing a growing recognition of the fundamental role that gold and silver can play in maintaining economic stability and protecting purchasing power in the face of rampant inflation and national debt. The successes achieved thus far not only illustrate the potential for more states to adopt sound money laws, but they also affirm the importance of continued advocacy and public engagement. As this legislative momentum builds, organizations like the Sound Money Defense League will be essential in promoting policies that support the re-monetization of gold and silver across the United States, paving the way for a future where these metals are duly recognized as legitimate currencies.
Jp Cortez, the Executive Director of the Sound Money Defense League, underscores this need for ongoing advocacy, indicating that much work remains to be done to establish a more stable and resilient monetary framework. His leadership, combined with grassroots support, highlights the potential for sound money legislation to significantly impact American economic policy in the coming years. As the movement continues to gain traction, the hope is to create a lasting legacy of recognition for gold and silver as integral components of a sound monetary system, free from the volatile grips of government mismanagement and inflationary pressures.