New Jersey, Kentucky, Vermont and three other states declared biggest enemies of sound money
Eagle, Idaho (July 9th, 2018) — Utah, Texas, and Wyoming round out the top three most sound money-friendly states in the United States, according to the 2018 Sound Money Index, released today by the Sound Money Defense League and Money Metals Exchange.
The 2018 Sound Money Index is the first index of its kind, ranking all 50 states using nine indicators to determine which states have implemented the most pro-sound money policies in the country.
Federal policy and the privately owned Federal Reserve System are the root causes of inflation, instability, and currency devaluation, noted Jp Cortez, Policy Director at the Sound Money Defense League. However, he noted that states can take some steps to protect their citizens from the ill effects of America’s unbacked paper money system.
“The Sound Money Index tracks the state of sound money in the United States. While no state has yet achieved a score higher than 63%, many have made progress by removing taxation on gold and silver, passing laws that reaffirm that gold and silver are money, and establishing bullion depositories,” Cortez said.
“Utah, Texas, and Wyoming lead the pack, but several states are not far behind. Legislatures in Arizona, Alabama, and North Carolina, to name a few, have passed good legislation recently. We expect this trend to continue.”
Texas ranks as the second most sound money-friendly state with a combination of pro-sound money tax policies, a state bullion depository, and even holding some of its public pension funds in physical gold bullion.
More than 75% of states have at least partially removed sales tax from gold and silver, while only 12 states still levy full sales tax against Constitutional money. A few states have also removed income tax from the monetary metals.
“States that eliminate the disincentives to holding and using sound money are helping their citizens protect against the potentially harmful effects of the Federal Reserve’s unbacked system and honoring the U.S. Constitution,” said Stefan Gleason, President of Money Metals Exchange.
Best Six States for Sound Money:
- Utah — 63.16%
- Texas — 58.82%
- Wyoming — 57.89%
- Arizona — 47.37%
- South Dakota — 47.06%
- Oklahoma — 42.11%
Worst Six States for Sound Money:
- Arkansas — 0%
- Kentucky — 0%
- Maine — 0%
- New Jersey — 0%
- Vermont — 0%
- West Virginia — 0%
The complete 2018 Sound Money Index is available here.
About the Sound Money Defense League and Money Metals Exchange
The Sound Money Defense League is a non-partisan national public policy group working on the state and federal level to bring back gold and silver as America’s Constitutional money.
Money Metals Exchange is a national precious metals company recently named “Best in the USA” by an independent global rating group and serves nearly 100,000 investors in physical gold, silver, platinum, and palladium. For more information, please click here.
Press release courtesy of the Sound Money Defense League and Money Metals Exchange.