General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region Forumscoin shortage? drop the penny.
It's time to eliminate use of the penny.
For those using credit cards, they pay the full amount of the sale. For those using cash, round down the bill to the nearest nickel.
Freddie
(9,258 posts)brooklynite
(94,479 posts)Delarage
(2,186 posts)Than they're worth
[link:https://www.thebalance.com/get-rid-of-the-penny-4178219|
The actual production is 1.78 cents, admin costs are 0.25 cents, and distribution to Federal Reserve banks costs 0.03 cents. In 2019, the U.S. Mint made 7.04 billion pennies, costing taxpayers $145 million.
durablend
(7,459 posts)I hope you *seriously* don't think businesses are going to "round down" bills.
RicROC
(1,204 posts)Some people resist any change. So, if by law, the bill has to be round down to the nearest nickel, it might overcome resistance.
I'm thinking that businesses will try figure out how to keep their extra pennies, but many states have sales taxes so that complicates the effort to round up.
csziggy
(34,133 posts)So there is no adding on the percentages which make for odd amounts of change.
Of course, the US has far too many different entities that can add sales tax. For instance, here in Florida the state has a set amount of sales tax, but counties and municipalities can add special taxes for things such as road improvements. That means that I could pay a bit more for taxable items here in Leon County than in neighboring Jefferson County.
BlueJac
(7,838 posts)denem
(11,045 posts)It would be nice if everyone sanitized their hands. But they don't.
That was one of Andrew Yangs numerous proposals. They cost more to make than they are worth and part of that cost is in environmental damage.