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 Replies: 39 / Views: 4,960 |
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Press Manager
 United States
1420 Posts |
 Dollar Coin Alliance - Legislation introduced in House and Senate reduces government waste and implements huge cost savings through currency modernization.The Dollar Coin Alliance strongly supports the introduction of the Unified Savings and Accountability Act (USA Act). This legislation, introduced today in the House and the Senate features provisions that would implement at least $57 billion in cost savings throughout the federal government. Included in the USA Act is a currency modernization provision that eliminates the dollar note and replaces it with the more sustainable and efficient dollar coin, generating at least $4.4 billion and up to $13.8 billion in taxpayer savings. The USA Act, introduced by Senators John McCain (R-AZ) and Mike Enzi (R-WY) in the Senate and Congressman Robert Pittenger (R-NC) and Congresswoman Kyrsten Sinema (D-AZ) in the House, combines opportunities to reduce waste and create efficiencies throughout the federal government, many of which are based on the Government Accountability Offices' (GAO) recommendations. "This legislation recognizes the critical need for budget-saving measures such as currency modernization," said Former Congressman Tim Penny, Honorable Co-Chair of the Dollar Coin Alliance, "Reducing waste and inefficiency is always the right decision. Creating savings for taxpayers and funding for necessary programs is a common sense plan both parties can get behind." Support for currency modernization and the dollar coin continues to grow in Congress. Earlier this year, Congress passed a budget resolution which allows the savings from currency modernization to be applied to budget items - a significant development as Congress struggles to find funding for critical programs such as the highway patch, repealing the medical device tax, or addressing any number of sequester concerns. These recent achievements come after 24 years of the GAO recommending currency modernization. They estimate that the Federal government could save billions without raising a single tax or cutting a single program. "During a time when everyone is squeezing the budget for potential savings, it's important for Congress to look at the bills that are right in front of them," said Former Congressman Jim Kolbe, Honorable Co-Chair of the Dollar Coin Alliance. "Modernizing currency is a common-sense solution that could result in up to $13.8 billion in U.S. taxpayer savings - and that's something everyone should get behind." Businesses and the American people are ready to support the transition to the dollar coin and experience the significant benefits from currency modernization. Rasmussen reported in late 2012 that 61% of Americans favor the dollar coin after informed of the budget savings. Opinion pages across the nation support the switch to the dollar coin including The New York Times, USA Today, The Washington Post, The Chicago Tribune and U.S. News & World Report.
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Moderator
United States
187950 Posts |
Before anyone complains or sends a note to staff. Yes, we know there is an existing topic... https://goccf.com/t/236502CCF Press is an automated feed posting account.  |
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Rest in Peace
United States
17900 Posts |
I think they could have called this a "Modernization" act if they had done it in 1987.
Now, it's just 30 years late.
Of course we still have the Federal Sales Tax Tokens - I mean - Lincoln cents.
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Bedrock of the Community
Australia
21786 Posts |
A moxking:
That's a bit truthfully cynical, isn't it?
Lets hope the long suffering U.S. taxpayer will not have to suffer for too much longer.
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Pillar of the Community
1153 Posts |
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CCF Press is an automated feed posting account. You mean like SSK?  |
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Moderator
United States
187950 Posts |
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I think they could have called this a "Modernization" act if they had done it in 1987.
Now, it's just 30 years late. I could not have articulated that any better.  Quote:
You mean like SSK? Oh, snap. |
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Pillar of the Community
 United States
4589 Posts |
Same old, same old...
We go through this every Congress. The truth is that most people will take the $1 coins, dump them in the coin jar and cash them in at the coinstar, just like the majority of 1c 5c 10c and 25c life cycle. So the $5 becomes the basic minimal unit - for those transactions that use cash.
-----Burton 50+ year / Life / Emeritus ANA member (joined 12/1/1973) Life member: Numismatics International, CONECA Member: TNA, FtWCC, NETCC, EveryCountry (online) coin club Owned by three cats and a wife of 40+ years (joined 1983) Author: 3rd Edition of the Sample Slabs book, https://www.sampleslabs.info/ |
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Pillar of the Community
708 Posts |
No, BStrauss3,
The "$2" likely becomes the basic minimal unit - Until the $2 coin comes along, anyway...
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Pillar of the Community
United States
3463 Posts |
Will save $57,000,000,000.00 and we probably won't see any of it. It may even cause taxes to go up so they can hire people to count it.  |
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Pillar of the Community
United States
5205 Posts |
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Lets hope the long suffering U.S. taxpayer will not have to suffer for too much longer. Are you say all of the Australian citizens are offering to pay our sales taxes for us or is Australia going to fund the next Revolutionary War like France did the first time round? |
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Bedrock of the Community
United States
17884 Posts |
Quote:
We go through this every Congress. No, last year and this year are the only time they have actually specifically included in the legislation that the dollar note is to be discontinued. Every other time they have called for a small dollar coin they have either assumed the note and coin would co-circulate, or that there would be savings if the note was discontinued but didn't actually legislate the ending of the note. |
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Pillar of the Community
708 Posts |
And earlier this year, President Obama signed into law, legislation that allows savings from currency modernization, be included as "real" savings, which it was not considered, prior to earlier this year, which generates a bit more interest in Congress as far as supporting legislation to save money by removing the $1 bill from circulation. Looks like we're finally on the right track.
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Pillar of the Community
United States
997 Posts |
Where does the $57 Billion figure come from? The article quotes only up to $13.8 billion...
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Pillar of the Community
708 Posts |
n9jig,
The USA Act addresses many other issues to save money, including remedying the issue of cents and nickels costing more than they are worth, to mint. If the USA Act passes, unless someone in Congress introduces an amendment to spare it, the cent is most likely history, because there is no way to make a cent cost less than a cent to produce, and the nickel will have to either be eliminated, or made out of plated steel, zinc, or some other cheaper metals.
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Moderator
United States
187950 Posts |
I really, really hope this passes. It will be nice to look back five years from now and wonder why so many feared this change. |
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Bedrock of the Community
United States
10034 Posts |
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It will be nice to look back five years from now and wonder why so many feared this change History already taught the Canadians why. It WILL raise costs on everything for the average Joe all around - which is my main complaint about it. The taxpayer savings are NOT as good as touted (former thread did the math) - although there IS some taxpayer savings en masse. But the day to day costs with price elevations will be not be en masse - it will be from our own pockets as we have to shell out more for everything else. And I still don't understand why people wanting these jar-destined bits of (heavier and cumbersome to carry metal) prefer them over polymer notes - which are/would be used. I do not believe this has ever been answered. If we follow suit - we would be swapping the Fed storing these to consumers doing the same. So maybe we also need to figure in more taxpayer money being saved by not having to pay guards to guard the billion or so in storage.  Edited by Earle42
08/04/2015 12:21 pm
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Replies: 39 / Views: 4,960 |
Posted 07/31/2015 2:50 pm
