Maryland reverses harmful and regressive tax on precious metals

Goldback commends the state of Maryland for taking swift corrective action to restore sound economic policy and reinforce financial freedom with the passage of HB 309 (Jennings), now awaiting the governor’s signature. This legislation reverses last year’s implementation of a 6% sales and use tax on purchases of gold and silver under $1,000—an ill-advised policy that placed an unnecessary and regressive tax burden on individuals seeking to preserve their wealth through these time-tested financial assets. 

The removal of this tax marks a clear return to common-sense policy. Taxing sound money discourages prudent saving and undermines the role gold and silver have historically played as reliable stores of value. By eliminating this tax, Maryland is once again aligning itself with 45 other states with similar policies that promote economic stability, consumer choice, and long-term financial security.

Goldback supported and worked to secure this legislative victory. Policies like HB 309 benefit consumers and strengthen the marketplace by removing artificial barriers to participation. When individuals can choose how to store and exchange value without punitive taxation, markets function more efficiently and fairly. This repeal reflects a growing recognition among lawmakers of the importance of sound money principles and the need to protect financial freedom.

Goldback recognizes the good work of Representative Jennings. This is a win for Maryland residents, a win for sound money advocates, and a win for financial freedom.