Utah, Wyoming, and Texas Top 2018’s “Sound Money Index”
New Jersey, Kentucky, Vermont and 3 Other States Declared Biggest Enemies of Sound Money
Utah, Wyoming, and Texas 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 9 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. However, 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 64%, many have made progress by removing taxation on gold and silver, passing laws that reaffirm that gold & silver are money, and establishing bullion depositories,” said Jp Cortez, Policy Director at the Sound Money Defense League.
“Utah, Wyoming, and Texas 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,” says Cortez.
Utah is tied for #1 based on the 9 criteria in the Sound Money index. The "Utah Specie Tender Act of 2011" removed all taxation levied against the metals and reaffirmed gold and silver's status as money. Also, the state-level sales and income tax burden Utah places on its citizens falls below national averages. These efforts secure Utah a top ranking.
After the passage of the 2018 “Wyoming Legal Tender Act,” Wyoming leapt to the top of the index, tying with Utah as the most pro-sound money state in the country. The “Wyoming Legal Tender Act” reaffirmed gold and silver as specie legal tender while removing all tax liability from their purchase, sale, or exchange.
Texas rounds out the top three for its combination of pro-sound money tax policies, a state bullion depository, and because it holds some of its public pension funds in physical gold bullion. While Texas has stopped levying sales tax against sound money, Texas' state sales tax rate is above the national average. Furthermore, the index only awards Texas 2 points for the main income tax score, whereas Utah and Wyoming earned 4 points for its work on specifically and pointedly removing income tax as to gold and silver. Texas simply has no state income tax generally.
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 harmful effects of the Federal Reserve’s unbacked ‘fake money’ system and honoring the U.S. Constitution,” said Stefan Gleason, President of Money Metals Exchange.
Best 6 states for sound money:
-Utah – 63.16%
-Wyoming – 63.16%
-Texas – 58.82%
-Arizona – 47.37%
-South Dakota – 47.06%
-Oklahoma – 42.11%
Worst 6 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: https://www.moneymetals.com/guides/sound-money-index