Money Metals' Sound Money Project Gains Industry Recognition, Secures Wins
The critical efforts of the Sound Money Defense League to protect and defend the interests of precious metals owners -- and the public at large -- continues to gain recognition as the organization racks up new policy victories once again in 2021.
Principally backed by Money Metals Exchange, the Sound Money Defense League (SMDL) is a public policy project focused on bringing renewed awareness of the importance of sound money while advocating for legislative change across the country to remove taxes on gold and silver, encourage investment in the monetary metals by states and individuals, and defend the rights of customers and dealers.
Jp Cortez, policy director of SMDL, gave an extensive interview to David Lin, anchor for Kitco News earlier this week -- discussing current legislative efforts, the Sound Money Index, and the state of play at both the state and federal levels.
Earlier this month, Governor Hutchinson of Arkansas signed Senate Bill 336 into law, ending the dubious practice of slapping precious metals buyers with sales taxes of nearly 10% in the Natural State.
The Sound Money Defense League strongly supported the Arkansas measure and worked with the bill's sponsors and in-state dealers to mobilize massive grassroots support.
Meanwhile, Cortez testified in support of Legislative Draft 1277 in Maine and made the argument for repealing sales taxes targeting sound money there. A committee vote on the Maine bill is expected in the coming days.
This week, Cortez also testified before the House Ways and Means Committee and the Senate Finance Committee in Ohio to reinstate the sales-tax exemption Ohio once had in place. Ohio legislators voted to favorably pass House Bill 268 out of the House committee and a Senate vote on House Bill 110 is upcoming.
The Sound Money Defense League has also thrown its weight behind Tennessee Senate Bill 279, which requires the Tennessee advisory commission on intergovernmental relations (TACIR) to study the feasibility of creating a Tennessee gold depository and to report its findings to the speakers of the senate and house of representatives. This measure passed out of the House and the Senate unanimously and is awaiting Governor Lee’s signature as of today.
And finally, in New Jersey, Assemblyman Ron Dancer introduced Assembly Bill 5285, a measure that exempts sales of investment metal bullion and certain investment coins made of gold, silver, platinum, and palladium from sales and use tax. The Sound Money Defense League has contacted members of the Assembly Appropriations Committee and is urging its New Jersey supporters to do the same. AB 5285 awaits a hearing.
Supporters wishing to help the Sound Money Defense League with a financial gift may do so here.
0:00 - Eliminating sales taxes on gold and silver
1:55 - Which states charge the most tax?
7:06 - Sound Money Index
10:18 - Gold reserves
12:14 - Money is flowing to "sound money" states
13:05 - Sound Money Defense League
18:02 - Legal tender