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 Replies: 22 / Views: 3,695 |
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Bedrock of the Community
Australia
21788 Posts |
Can't get rid of the penny. You need it to pay the exact amount of State Tax. --------------------------------------------------------------------------------------------------------------------------------------------  Idea! How about combining State and Federal taxes? Hardly a new idea, and certainly not mine. The states get reimbursed according to their fiscal needs. It has been done in a lot of other countries. |
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Pillar of the Community
United States
5825 Posts |
IMO the CENT for use in circulation ought to be eliminated from production.
It costs more to produce than it's worth.
BUT
How about being struck as special items, like half dollars are?
Then the Mint could charge enough to make them profitable AND the collecting community could get some satisfaction.
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Rest in Peace
United States
18456 Posts |
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Valued Member
United States
110 Posts |
People tell you to give them your Two Cents worth, then they say they want a penny for your thoughts. Somewhere someone's making a penny. Steven Wright Edited by pocketchange2
10/09/2018 12:05 pm
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Pillar of the Community
 United States
6514 Posts |
@Kanga Quote:
IMO the CENT for use in circulation ought to be eliminated from production.
It costs more to produce than it's worth.
BUT
How about being struck as special items, like half dollars are?
Then the Mint could charge enough to make them profitable AND the collecting community could get some satisfaction. I like the compromise. That way they could still maintain the cent in proof sets as well. |
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Bedrock of the Community
United States
17884 Posts |
Con #1 refutes Pro #2 If 2/3rds of the cent produced make a one way trip from the mint to the consumer and then aren't used again it kind of makes the argument that they can be used for decades rather weak. Pro #1, Eliminating the cent should have no effect on consumer prices because prices can still be listed in odd numbers of cents. Rounding doesn't take place until after sales tax is applied. Pro #3, as Jbuck said eliminating the cent would probably INCREASE the amount received by charities. Donations of that type are usually made by giving whatever small change people have on them. Elimination of cents would probably mean people would have more nickels and dimes on them. My guess is donations would increase. Now problems with the Cons Con #2 Do you expect me to believe that if we stopped making the cent it would stop copper and zinc mining? Or pollution from transporting things? Eliminating the cent isn't going to reduce either of those in any significant way. Quote:
Can't get rid of the penny.
You need it to pay the exact amount of State Tax. But with rounding sales tax comes out in nice even nickels. Sometimes it rounds up, sometimes down and in the long run it comes out even, and no need to have any one cent coins. Besides if you want to pay the exact sales tax you would need Half Cent and Mil coins as well. Buy something for 95 cents with a 7% sales tax you need a nickel, a cent, a Half Cent, and two mills, and that is still rounded up not exact. If you are going to complain about rounding to the nickel you need to be complaining about the current rounding to the cent. |
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Moderator
 United States
188952 Posts |
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The U.S. should have done this years ago, along with eliminating the dollar bill for a dollar coin and switching to the metric system! One step at a time though. Agreed!  Quote:
Can't get rid of the penny. You need it to pay the exact amount of State Tax. Negative, Ghost Rider.  Plenty of places have x.5% and x.25 % sales tax without half and quarter cents. The totals are always rounded after taxes applied. This deserves another... Quote:
How about being struck as special items, like half dollars are?
Then the Mint could charge enough to make them profitable AND the collecting community could get some satisfaction. Yup. Give us a 95% copper cent in the mint and proof sets. |
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Pillar of the Community
 United States
4870 Posts |
The reasons for them in the article are beyond ridiculous. Should be elimited entirely, no inclusions in sets. Millions would be saved, including transportation costs.
Edited by TheForce
10/09/2018 3:32 pm
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Moderator
United States
188952 Posts |
Quote:
Should be elimited entirely, no inclusions in sets. You do not have to buy them.  |
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Valued Member
United States
293 Posts |
I oppose elimination of the cent as it will only encourage further inflation. The government simply does not have to make so many each year. It also should not be minting so many dollar coins that the public clearly does not prefer to use over the one dollar bill.
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Bedrock of the Community
United States
10038 Posts |
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and switching to the metric system! I am acquainted with many Canadians who still don't like the metric system. And I am around many which, all the time, use inches, feet, miles, etc. They can use both systems, but prefer to pick and choose from both systems. I am glad the forcing of the metric system on the US failed b/c of the coercion aspect. But I tend to favor metric when making measurements in personal notes and things like woodwork. Decimals are easier and I sometimes get mentally lazy  |
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Moderator
United States
188952 Posts |
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I oppose elimination of the cent as it will only encourage further inflation. Too late. Inflation will continue to happen with or without the cent. Also, rounding does not cause inflation. Quote:
The government simply does not have to make so many each year. Yes, they do, because the demand is there. Reducing the mintage will have the same effect as eliminating it because demand will outstrip supply and there will be shortages. Actually, this sounds like a good idea. The mint should reduce the mintage to one tenth or so.  Quote:
It also should not be minting so many dollar coins that the public clearly does not prefer to use over the one dollar bill. The dollar coin is already NIFC and minted for collectors only. |
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Bedrock of the Community
United States
17884 Posts |
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The mint should reduce the mintage to one tenth or so. Can't, they have to mint what the Fed orders. The key is to get the Fed to stop ordering them. No orders, none made for circulation, but since they are still an authorized coin they can still make them for the mint and proof sets. |
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Pillar of the Community
United States
4132 Posts |
There hasn't been elevated inflation in countries that eliminated their cent-equivalent. Besides, inflation has been low, below fed targets in recent years.
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Moderator
United States
188952 Posts |
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Can't, they have to mint what the Fed orders. I know. It was meant as a joke (saying it was a good idea). Read the whole thing. Quote:
The key is to get the Fed to stop ordering them. No orders, none made for circulation, but since they are still an authorized coin they can still make them for the mint and proof sets. This.  My point was that reduction is de facto elimination given that demand from the banks will outstrip supply and cause shortages. Maybe if that happened the banks would learn to stop ordering them and mission accomplished. |
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Replies: 22 / Views: 3,695 |
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Posted 10/09/2018 08:38 am
