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 Replies: 97 / Views: 11,575 |
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Pillar of the Community
United States
7390 Posts |
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Pillar of the Community
United States
992 Posts |
Lots of businesses run on a 2% or 3% margin, including most grocery stores. You can mandate 'rounding down', and 'rounding up', but a business will simply raise the price on some items by a penny or two to ensure they are not going to lose on rounding down, no matter what the 'wash' ratio happens to be.
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Pillar of the Community
United States
1119 Posts |
Prices never go up by a penny or two; its always ten cents so the last digit will stay a 9. Grocery store might make a 2 or 3 percent margin on item sales but they make up for that with the slotting fees
Edited by Steele
08/15/2016 10:46 pm
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Pillar of the Community
United States
2023 Posts |
Even if they raise prices by a penny or two to force a round-up, two of those items can force a round-down, cancelling the effect.
2 cents? Round up to 3. Double that. 2x2 rounds to 5, but so does 2x3.
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Valued Member
United States
156 Posts |
I'm sure the Treasury has been watching Canada to see how it has gone there. So far, it appears to have caused no undeserved benefit to anyone. The rate of tax collection has been on par with the pre-cent abolition.
I personally would have have no problem adopting the same plan and therefore keeping the nickel in production, but cease production of the cent.
Also, I have been a big supporter of doing away with the dollar bill and replacing it with a dollar coin. It makes sense on so many levels.
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Pillar of the Community
United States
5825 Posts |
Do it -- NOW!
And the nickle needs to be looked at also.
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Valued Member
United States
156 Posts |
I'd keep the nickel for rounding purposes on taxes. The nickel still has its uses, IMO.
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CCF Advertiser
United States
1533 Posts |
The treasury dept does not have to look at Canada. They've had no pennies in the Netherlands since 1982.
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Moderator
 United States
188770 Posts |
Quote:
... but a business will simply raise the price on some items by a penny or two to ensure they are not going to lose on rounding down, no matter what the 'wash' ratio happens to be. And that business' competitor will leave prices where they are and round down to take their customer! Gotta love the free market!  Most business will probably round everything down just to make it easier. When Canada killed the cent, Home Depot was one of the first to announce they would be rounding all cash totals down. Remember, paying cash saves the retailer from the electronic payment transaction fees, so even when rounding down for cash payments they come still out ahead. |
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Moderator
United States
188770 Posts |
Quote:
I'd keep the nickel for rounding purposes on taxes. The nickel still has its uses, IMO. Round to the dime. Again, taxes do not require specific denominations when proper rounding occurs. We got rid of the Half Cent, which could buy a lot more than the cent could today, and we survived. |
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Bedrock of the Community
United States
17884 Posts |
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The nickel still has its uses, IMO. Yes it does, but not by much. And then you have the problem that they lose close to four cents on every one of those they make. But unlike the cent it may still be possible to make them for less than face value with a change in composition, at least for awhile. The problem would than be vending machines and trying to get them to accept two coins of the same dimetions but different weights and electrical signatures. Again it can be done but would require ither reprogramming or changing the coin mechanism of every vending machine out there. |
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Moderator
United States
188770 Posts |
Fixing the nickel is not worth it. By the time they figure that one out and actually do something, it will have less purchasing power than the cent does now.
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Pillar of the Community
United States
1191 Posts |
Get rid of the penny and remove the melt ban. Once everyone melts their pennies, mine will be worth more. At that point there will only be billions not tens of billions left of copper pennies  haha! |
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Pillar of the Community
United States
711 Posts |
I don't concern myself about the government's expenses much anymore.
If they cut expenses, I have no hope of that trickling down to my taxes.
I don't care that the government loses money on minting the cent or nickel or paper dollar.
They print the money out of thin air and still have the gall to tax me for my fair share.
That being said, I'd get rid of all cash and currency and go with a cashless one world currency on two conditions.
One, no taxes on human beings as the money is printed out of thin air. The government's fair share of my income that they print out of thin air is exactly zero percent.
Two, all existing debts stay in that currency which after a transition time will be worthless (numismatics aside) which is essentially a world wide debt jubilee.
Sign me up for that currency reform.
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New Member
 United States
44 Posts |
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Replies: 97 / Views: 11,575 |
First Page
Posted 08/15/2016 9:05 pm
