With new legislation, Nebraska aligns with states prioritizing precious metals over potential digital currencies issued by central banks.
Nebraska is taking a definitive step to protect its residents from the financial instabilities associated with fiat currencies.
In This Article:
- Nebraska’s New Legislation on Precious Metals
- Exempting Gold and Silver from Capital Gains Tax
- Rejecting Central Bank Digital Currency (CBDC)
- Future Implications for Nebraska and Beyond
Nebraska’s New Legislation on Precious Metals
Governor Jim Pillen has signed into law LB 1317, marking Nebraska as the 12th state to eliminate capital gains taxes on the transactions of precious metals.
This legislative action underscores the state’s commitment to recognizing gold and silver as legitimate forms of legal tender, free from the punitive tax burdens often associated with asset appreciation due to inflation, rather than actual gains.
Exempting Gold and Silver from Capital Gains Tax
The removal of capital gains taxes on gold and silver is aimed at fostering a more favorable environment for investing in these metals, which are often seen as safe harbor against inflation (fiat currency devaluation).
By excluding any gains or losses on precious metal sales from Nebraska’s adjusted gross income calculation, the state is taking a definitive step to protect its residents from the financial instabilities associated with fiat currencies.
Rejecting Central Bank Digital Currency (CBDC)
In a distinctive stance, Nebraska’s LB 1317 also includes provisions that formally exclude any federal CBDC from being considered legal money within the state.
This move reflects growing concerns among states about the potential risks and overreaches associated with digital currencies controlled by central banks, including privacy infringements and increased government control over personal finances.
Future Implications for Nebraska and Beyond
As Nebraska sets its course with these new policies, it joins a list of states like Utah, Wisconsin, and Kentucky, which have also enacted similar pro-sound money legislation in 2024.
The state’s actions could potentially influence further legislative trends across the country as more states evaluate the role of precious metals and digital currencies within their economic frameworks.
Nebraska’s initiative to redefine the concept of money and safeguard its citizens from possible federal overreach serves as a model for all States’ Rights.
The Bottom Line
Nebraska’s recent legislative advancements demonstrate a significant shift towards endorsing traditional monetary assets and a cautious approach towards emerging digital currencies. This dual strategy not only secures a more stable economic environment but also preserves the financial autonomy and privacy of its citizens, setting a precedent that could shape future monetary policies nationwide.
