(Kitco News) - Nebraska’s legislative battle over sound money policies made headlines recently, as grassroots pressure forced lawmakers to withdraw a proposed sales tax on precious metals, highlighting the ongoing fight for gold and silver’s role as sound money.
In a recent interview with Jeremy Szafron, Anchor at Kitco News, Jp Cortez, Executive Director of the Sound Money Defense League, shared insights into this victory and the broader movement to reinstate precious metals as legal tender across the United States.
Cortez explained that Nebraska’s attempt to reimpose a sales tax on precious metals came as a surprise, given the state's progress in passing sound money legislation earlier this year.
“Politicians see an opportunity to fill the state coffers without understanding the inefficiencies of imposing taxes on sound money,” said Cortez. Grassroots mobilization quickly followed, leading to the removal of the sales tax provision. “Hearing from people in the state is ultimately what determines the success of these legislative projects,” he said.
New Jersey also saw significant progress, becoming the 45th state to eliminate sales tax on precious metals. However, Cortez pointed out a troubling aspect of the legislation: a so-called "poor tax" that imposes a sales tax on transactions under $1,000. “This tax actively picks out small-time savers and penalizes them,” Cortez stated, describing the provision as regressive and harmful to those who are dollar-cost averaging their savings in precious metals.
Utah's ongoing exploration of holding physical gold on its balance sheet was another major topic. With gold prices hitting all-time highs, Cortez sees this as a prudent move. “States are bracing for dollar instability, and Utah’s steps show that sound money policies aren’t just theoretical—they’re being implemented as practical solutions,” he explained. The conversation also touched on de-dollarization, both globally and domestically. "More and more, nations, states, and individuals are seeking alternatives to the greenback, and gold is winning this battle," Cortez added.
To hear more about these legislative victories and details about what they mean for the future of sound money in America, watch the full interview with JP Cortez below.