A Win for Sound Money Advocates
Responding to an overwhelming groundswell of grassroots pressure, Gov. Tony Evers today signed a bill into law that secures Wisconsin’s place as the 44th state in America to end sales taxes on the purchase of precious metals.
Wisconsin Precious Metals
Bipartisan Support for Assembly Bill 29 and Senate Bill 33
Assembly Bill 29 and Senate Bill 33, carried by Rep. Sortwell and Sen. Stroebel, respectively, enjoyed strong bipartisan support in both chambers of the Wisconsin legislature before it landed on Gov. Evers’ desk.
A Collaborative Effort
Backed by the Sound Money Defense League, Money Metals Exchange, and in-state Wisconsin dealers and investors, the legislative effort built upon last year’s educational campaign.
The new statewide sales tax exemption on bullion coins, bars, or rounds (minted of gold or silver, but also platinum, palladium, or copper) takes formal effect on Saturday, March 23rd.
“As inflation ravages American families, Wisconsin has taken an important step toward remonetizing gold and silver, a proven inflation hedge and the only form of money mentioned in the U.S. Constitution,” said Jp Cortez, executive director of the Sound Money Defense League.
Aligning with Neighbors and National Bullion Trends
Wisconsin found itself under added pressure as all its neighboring states—namely, Iowa, Illinois, Minnesota, and Michigan—had already ceased taxing monetary metals. Furthermore, the trend of repealing this sales tax has been gaining momentum in recent years, with Mississippi in 2023, Tennessee in 2022, and Arkansas and Ohio in 2021 all following suit.
In response to Gov. Evers signing the bill into law today, Sen. Stroebel said,
“I am proud to have played a leading role in the effort to finally add Wisconsin to the long list of [tax-exempt] states. Unlike other common financial instruments, gold and silver are explicitly identified as money in the U.S. Constitution.”
Looking Forward
“With the signing of AB 29, only six states in the entire country still levy this ridiculous tax on precious metals,” said Stefan Gleason, president of Money Metals and Chairman of the Sound Money Defense League.
He continued, “We will continue fighting for our precious metals customers in every state that still fully taxes gold and silver purchases, specifically New Jersey, Maine, Kentucky, Vermont, Hawaii, and New Mexico.”
Nationwide Precious Metals Movement
Similar bills are moving forward rapidly right now in Kentucky and New Jersey. Within a few weeks, it’s possible Kentucky and New Jersey could become the 45th and 46th states to enact this particular reform.
More than a dozen other states have introduced pro-sound money legislation in 2024 so far, including Alaska, Indiana, Iowa, Georgia, Kansas, Missouri, Idaho, Arizona, Utah, New Hampshire, Oklahoma, Nebraska, Kansas, Vermont, and West Virginia.
Scottsdale Mint in Wyoming
Our team at Scottsdale Mint has also been meeting with state officials in Wyoming like Senator Bob Ide, Congresswoman Harriet Hageman, Senator Lummis’ team, etc. to promote legislation that would see gold take a more prominent role in supporting Wyoming’s financial objectives. We regularly meet to discuss precious metals, state vaulting and the coming push for central bank digital currencies.
Conclusion
The move to end sales tax on precious metals in Wisconsin reflects a growing recognition of the importance of sound money principles and the need to protect citizens’ rights to preserve their wealth. With bipartisan support and grassroots advocacy, this reform sets a positive precedent for other states to follow suit. As the momentum for sound money legislation continues to grow nationwide, Wisconsin’s action serves as a beacon of hope for sound money advocates across the country.
