Nebraska, a Pioneer in Sound Money Policies
In a groundbreaking move, Nebraska has become the 12th state in the United States to abolish capital gains taxes on transactions involving gold and silver. Governor Jim Pillens recently signed bill LB 1317 into law, marking it as the fourth significant sound money legislation to pass this year. This decisive action comes as state legislators nationwide are striving to shield the public from the detrimental effects of inflation and escalating federal debt.
Understanding the Nebraska Sound Money Law
Under the provisions of the new Nebraska law, any profits or losses from the sale of precious metals, as reported on federal income tax returns, are excluded from the calculation of a Nebraska taxpayer’s adjusted gross income (AGI). This measure effectively removes the burden of capital gains taxes on precious metal transactions within the state.
A Unified Effort for Sound Money
The initiative to enact this law received widespread support from various quarters, including the Sound Money Defense League, Money Metals Exchange, and local advocates. Sponsored by Sen. Ben Hansen, the bill garnered unanimous approval from the unicameral legislature’s Revenue committee before being incorporated into a larger legislative package.
Sen. Hansen articulated the essence of the legislation, emphasizing the constitutional validity of gold and silver as forms of currency. He underscored the importance of safeguarding citizens’ rights to utilize these metals without undue interference from the government. The senator highlighted the role of gold and silver as essential checks against the continuous depreciation of paper currency by federal authorities.
The Impact of Sound Money Legislation
The imposition of capital gains taxes on precious metal transactions has long been a contentious issue. Despite the absence of real gains, taxpayers have been subjected to such levies by the Internal Revenue Service (IRS). Nebraska’s decision to nullify these taxes at the state level represents a significant departure from the IRS’s stance, thereby affording its residents greater financial autonomy.
Jp Cortez, the executive director of the Sound Money Defense League, elucidated the broader implications of Nebraska’s move. He attributed the rampant inflation plaguing the state to the destabilizing policies of the Federal Reserve. By embracing sound money principles, Nebraska aims to provide its citizens with a reliable hedge against inflationary pressures.
A Growing Trend in Sound Money Legislation
Nebraska joins eleven other states that have already abolished income taxes on precious metal sales, with several others considering similar measures. States such as Arkansas, Arizona, and Utah have recently enacted laws in this regard, signaling a growing momentum towards sound money policies nationwide.
Stefan Gleason, CEO of Money Metals and Chairman of the Sound Money Defense League, lauded Nebraska’s decision to exempt precious metals from both sales and income taxes. He emphasized the significance of this move in fostering a conducive environment for the ownership and utilization of precious metals within the state.
Rejecting CBDC: A Stand for Financial Freedom
In addition to addressing taxation on precious metals, LB 1317 redefines the state’s understanding of money by explicitly excluding central bank digital currency (CBDC) from its definition. Sen. Hansen stressed the need for vigilance in assessing the implications of CBDCs, highlighting their potential threat to individual freedoms. By categorically stating that CBDCs are not recognized as currency in Nebraska, the state aims to safeguard against coercive mandates regarding their usage in the future.
In Conclusion
Nebraska’s decision to eliminate taxes on gold and silver sales and reject CBDCs reflects a bold commitment to sound money principles and financial sovereignty. By championing these policies, the state sets a precedent for others to follow, fostering economic resilience and empowering its citizens in an increasingly uncertain financial landscape.
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