End of the penny

[kc10bull]

From DailyMail News
Next thing to go will be the U.S. penny!!!
[h=1]Canada to cease distribution of 1 cent coins in a bid to save taxpayers $11 million per year[/h]

Read more: Penny pinchers: Canada to cease distribution of 1 cent coins in a bid to save taxpayers $11 million per year | Mail Online

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Next thing to go will be the U.S. penny!!!

 

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[Sheldon J]

Can you say huge money maker for the government and business..simple question, would you round up on sales tax or down? How about the price of goods?

 

[maipenrai]

Sheldon, your question was answered in the first post. You dont round the sales tax in any direction, its the final number that counts, then its rounded to the nearest 5 cents. No one is getting screwed, getting rid of the penny would be a win/win situation for everyone. No more pockets of useless pennys, and rounding up or down, would even things out, no one is going to be cheated out of their 2 cents!

Just need to get rid of the stupid paper dollar, that is also almost worthless. I have seen that some people think that we would be walking around with a pound of dollars in our pockets, but in reality, they would just be spent, and not collected. Europe uses the one and two € coin, and its no problem. As for detectorest, just think how fun it would be in the tot lot, no pennys to fool around with, and every now and then, a dollar pops up!

 

[50cent]

This has been known for over a year. The proper term is cent not "penny" by the way. I'd be in favor of such a plan, if sales tax went away also.

 

[Sheldon J]

Sheldon, your question was answered in the first post. You dont round the sales tax in any direction, its the final number that counts, then its rounded to the nearest 5 cents. No one is getting screwed, getting rid of the penny would be a win/win situation for everyone. No more pockets of useless pennys, and rounding up or down, would even things out, no one is going to be cheated out of their 2 cents!

Just need to get rid of the stupid paper dollar, that is also almost worthless. I have seen that some people think that we would be walking around with a pound of dollars in our pockets, but in reality, they would just be spent, and not collected. Europe uses the one and two € coin, and its no problem. As for detectorest, just think how fun it would be in the tot lot, no pennys to fool around with, and every now and then, a dollar pops up!

Um maybe in the OP story link but not here... I beg to differ I for one live in 6% sales tax land so a buck is 6 cents tax and if that were here they would round up to a dime. Stores prices are odd numbers all the time $5.98... $12.76... so my question a valid one is which way do you think they will round...

Anyone remember the Superman movie where Prior played the bad guy, had a computer program that simply took the odd cent from various accounts Yep big money maker for the government at the very least!!

If you think any different then I have this real nice bridge for sale in NYC...

 

[maipenrai]

No one is talking about rounding up sales tax, or gas tax. Gas will still be priced at $3.59. or whatever, and will still have the silly .9 added on the end. Its the Total price that will be rounded up or down. If the total price is $24.94, it will be rounded up to $24.95, if its $25.96, it will be rounded down to $24.95. Rounding off the cents has nothing to do with increasing sales tax or any other tax.

By the way, where exactly is that bridge you have for sale? Will you accept a trade in?

 

[Sheldon J]

No one is talking about rounding up sales tax, or gas tax. Gas will still be priced at $3.59. or whatever, and will still have the silly .9 added on the end. Its the Total price that will be rounded up or down. If the total price is $24.94, it will be rounded up to $24.95, if its $25.96, it will be rounded down to $24.95. Rounding off the cents has nothing to do with increasing sales tax or any other tax.

By the way, where exactly is that bridge you have for sale? Will you accept a trade in?

Round down you really believe that... LOL like I said I have this bridge for sale in NYC...

 

[maipenrai]

Yeah, your right, I guess its too much to expect for Americans to be that honest, or for that matter, able to count! I'll take a pass on that bridge, you might try to screw me out of the 2 cents!

 

[Sheldon J]

Wow you actually think that greed, dishonesty, is only proprietary to the US? Really then how about your failed gun registration scam shoved down the throat's of your own law abiding citizens. Nope it is every where and if you actually trust your government to do the right thing, then you need to go back and re read your own country's history.

 

[maipenrai]

I guess were not talking about the penny anymore?

 

[Thorne]

In Canada the debit and credit transactions will still use 1 cent. Most people wont miss the cent. Now only if the states would get on bored with ridding themselves of the dollar bill.

 

[Sheldon J]

Thats fine for them but after having 4 credit cards hacked in the last 5 years, my daughter has had 6 debit cards hacked, I do not trust electronic money, and monitor my CC information real close. They will round up in any cash transaction, PERIOD and you can take that to the bank.

As to the dollar coin, been tried twice, first time was a fiasco, it was about the size of a quarter, the sight impaired hated them with a passion. People that did not pay attention and would pay 6 bucks for an item that cost $1.50 (more common than you may imagine), so no one wanted them. Last time they tried the dollar coin no one wanted the bulk associated with the coin (s), and neither do I, the quarters already do a number on my change holder.