Sound Dollar and Economic Stimulus Act of 2008 - Requires the Board of Governors of the Federal Reserve System to: (1) make the value of the U.S. dollar equal to the market value of 0.05 of a troy ounce of gold; and (2) maintain that value at this level.
Directs the Board to: (1) conduct open market operations against an explicit target for the price of gold on the exchange operated by the Commodities Exchange, Inc. (COMEX) of the New York Mercantile Exchange, Inc.; and (2) not perform such operations indirectly, as in the current practice of targeting the federal funds rate.
Requires the Board to use its banking and bank regulatory powers to maintain and promote stable and effective financial markets during and after the transition to a defined value for the U.S. dollar.
Entitles all entities that depreciate capital assets for tax purposes to 100% expensing of all capital investment for tax purposes in the year that the investment is made.
Requires the Congressional Budget Office (CBO), in addition to the scoring CBO will do of the tax changes provided in this Act, to calculate the impact on federal revenues on a present value basis.