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Elimination Of The Cent And Nickel.

 
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Valued Member
United States
329 Posts
 Posted 05/24/2019  9:39 pm  Show Profile   Bookmark this reply Add Ballyhoo to your friends list Get a Link to this Reply
I'm liking the posts. This is a healthy discussion that needs addressed from time to time.

For LLWELLIN, https://finance.yahoo.com/news/us-n...0017013.html
hope this works until I can find more.
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United States
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United States
9752 Posts
 Posted 05/25/2019  12:16 am  Show Profile   Check spruett001's eBay Listings Bookmark this reply Add spruett001 to your friends list Get a Link to this Reply

Quote:
Oh and by the way it is the SALES TAX that gets rounded up or down, and the register tracks and reports how much tax was collected and needs to be remitted to the state, so with the automated rounding the business doesn't make or lose anything.


The sales tax does create fractions of a cent by nature, but pricing in stores in based on the availability of a one cent increment structure. So, if the cent were removed, do you think price tags would change? Keep in mind that not all items are subject to sales tax. In Texas, most food is not taxed. Several states have no sales tax. How then, can a store charge $1.98 for, say, a can of tuna? The price needs to be adjusted and I don't think it's a big mystery which direction the price will be rounded.
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 Posted 05/25/2019  12:52 am  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply

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So, if the cent were removed, do you think price tags would change?
I do not think so. Electronic payment would still be to the cent and since that accounts for ~85% of retail transactions I doubt those pricing gimmicks will change.

Did the pricing gimmicks change in Canada? They have been sans cent several years now.
Bedrock of the Community
United States
15393 Posts
 Posted 05/25/2019  08:09 am  Show Profile   Bookmark this reply Add Conder101 to your friends list Get a Link to this Reply

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This is a healthy discussion that needs addressed from time to time.

Problem is it gets addressed about once a month. Sometimes more often.


Quote:
How then, can a store charge $1.98 for, say, a can of tuna?

If food isn't taxed you would pay $2.00, if it is then tax is applied and then rounded (up 2 cents). Where I live sales tax is 7% so it would be $2.12 after tax and rounded to $2.10 (down 2 cents) If you bought two cans of the tuns it would be $3.96 and with no tax it would round down one cent to $3.95 If there is tax then $4.24 and it rounds to 4.25 up one cent.

It IS possible to adjust prices so as to always round up, but ONLY if everyone never buys more than one item at a time. If you buy multiple items or several different items you will be back in the situation where sometimes it will round up, and sometimes round down, Trying to play with your prices to make them always round up will just result in you competitor being able to leave his alone and undercut you and take your customers.
Gary Schmidt
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 Posted 05/25/2019  08:22 am  Show Profile   Bookmark this reply Add T-BOP to your friends list Get a Link to this Reply

Quote:
Problem is it gets addressed about once a month. Sometimes more often.

No problem with that . We are always having new members coming aboard that want to talk or ask about that subject .
After all if the U.S. does away with the Cent and Nickel it will effect every coin collector in the country .
Proud Member of The Black Sheep Squadron !
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 Posted 05/26/2019  12:28 am  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply

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Trying to play with your prices to make them always round up will just result in you competitor being able to leave his alone and undercut you and take your customers.
Exactly. Take care of your customers or someone else will.
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