@RiveraFamilyCollect said:
It was pretty easy using cash in australia, they got rid of the penny so all transactions are rounded.
They also don't have a sales tax so if the item says $5 on the shelf it costs exactly $5 with no change whatsoever.
I think if we move away from the penny it would be a good time to reconsider this whole sales tax thing, our lives could be infinitely easier without the penny and sales tax.
The alternative to a sales tax is a VAT tax, which Australia does have. Be careful what you wish for....
You also have the problem that sales tax is controlled by the individual states.
@jmlanzaf said:
I'm not sure why they haven't switched to plastic or compressed paper. Sure, they would be more prone to counterfeiting, but who would bother?
Have ever heard of the counterfeit Henning Nickel. I realize that a nickle in the 50s had buying power compared to what a nickel can try to buy today. A criminal would make a fake ham sandwich if there was money to be made.
The point is there is no money to be made on the cents, unlike the Henning nickels 75 years ago which we discussed earlier in this thread. Transportation costs alone for 100,000 cents probably eats up any gains. You also will have a hard time not being conspicuous when you try either spending hundreds of cents or depositing them. There is simply no way to make money counterfeiting cents.
@yosclimber said:
How about bringing back the half cent?
Or adding the farthing?
I hate it when all those transactions are rounded (up?) to the nearest cent.
@RiveraFamilyCollect said:
It was pretty easy using cash in australia, they got rid of the penny so all transactions are rounded.
They also don't have a sales tax so if the item says $5 on the shelf it costs exactly $5 with no change whatsoever.
I think if we move away from the penny it would be a good time to reconsider this whole sales tax thing, our lives could be infinitely easier without the penny and sales tax.
The alternative to a sales tax is a VAT tax, which Australia does have. Be careful what you wish for....
You also have the problem that sales tax is controlled by the individual states.
I am very confident that if a VAT was ever imposed in the US then many states would also keep/impose a state sales tax.
@jmlanzaf said:
I'm not sure why they haven't switched to plastic or compressed paper. Sure, they would be more prone to counterfeiting, but who would bother?
This is a great idea.
If you really want to increase efficiency just haul the new pennies straight to landfill so nobody has to waste time and resources on them. It costs more than one cent to even count a penny and 2 or 3 cents to actually use one.
The real savings is in skipping the middlemen and putting them straight to landfill.
As long as they're at it might as well haul garbage like GE refrigerators to landfill. They can get more in the truck if they don't put them on pallets. This could start a whole wave of new efficiencies.
@RiveraFamilyCollect said:
It was pretty easy using cash in australia, they got rid of the penny so all transactions are rounded.
They also don't have a sales tax so if the item says $5 on the shelf it costs exactly $5 with no change whatsoever.
I think if we move away from the penny it would be a good time to reconsider this whole sales tax thing, our lives could be infinitely easier without the penny and sales tax.
The alternative to a sales tax is a VAT tax, which Australia does have. Be careful what you wish for....
You also have the problem that sales tax is controlled by the individual states.
and counties, cities, towns and places near big sports stadiums ....
there is not a federal sales tax, unless you consider gasoline tax a sales tax
They do need to do away with the penny and just round everything up or down to five cents. Our world has outgrown the cent just like we outgrew the half-cent in the mid 1800's. Our government also needs to create currency larger than the one hundred dollar bill. A $250 bill would by my choice since everything costs so much now.
If a cent costs more than a cent to produce, wouldn’t the counterfeiters be saving the government a whole bunch of money if they could figure out how to counterfeit them and make a profit? Sort of like when private minters made Civil War Tokens, almost.
@ambro51 said:
If he’s going to target government waste and inefficiency ……..
If he's going to target the real cause and culprit, end the federal reserve.
Be careful what you wish for. A central bank is a necessity for every economic system that is gotten by the horse and buggy and buggy whip stage. Even then, problems started when Andrew Jackson shut down the Bank of the United States in 1836. Hamilton advocated for a central bank, and he was right.
Your problem might be with Federal Reserve policies, not the institution.
Bring back Hard Times tokens as protest money and get rid of the cent!
Comments
You also have the problem that sales tax is controlled by the individual states.
The point is there is no money to be made on the cents, unlike the Henning nickels 75 years ago which we discussed earlier in this thread. Transportation costs alone for 100,000 cents probably eats up any gains. You also will have a hard time not being conspicuous when you try either spending hundreds of cents or depositing them. There is simply no way to make money counterfeiting cents.
Need 1/10th cents for a gallon of gas
I am very confident that if a VAT was ever imposed in the US then many states would also keep/impose a state sales tax.
They are willing to listen to you just X them!
I personaly think they should stop minting ALL coins, it's a big waste of money and time
JMO
Mike
My Indians
Danco Set
During the 1930's Depression twelve states issued sales tax tokens, some in denominations of 1/10 of a cent (a "mill").
Alabama Luxury Tax Token - One mill
Aluminum, 16 mm
Obverse: ALABAMA STATE TAX COMMISSION, Large '1's
Reverse: Luxury Tax TOKEN, Large '1's
The Mysterious Egyptian Magic Coin
Coins in Movies
Coins on Television
This is a great idea.
If you really want to increase efficiency just haul the new pennies straight to landfill so nobody has to waste time and resources on them. It costs more than one cent to even count a penny and 2 or 3 cents to actually use one.
The real savings is in skipping the middlemen and putting them straight to landfill.
As long as they're at it might as well haul garbage like GE refrigerators to landfill. They can get more in the truck if they don't put them on pallets. This could start a whole wave of new efficiencies.
and counties, cities, towns and places near big sports stadiums ....
there is not a federal sales tax, unless you consider gasoline tax a sales tax
They do need to do away with the penny and just round everything up or down to five cents. Our world has outgrown the cent just like we outgrew the half-cent in the mid 1800's. Our government also needs to create currency larger than the one hundred dollar bill. A $250 bill would by my choice since everything costs so much now.
Pepsi Pepsi Cheeseburger Cheeseburger!
If a cent costs more than a cent to produce, wouldn’t the counterfeiters be saving the government a whole bunch of money if they could figure out how to counterfeit them and make a profit? Sort of like when private minters made Civil War Tokens, almost.
Mr_Spud
The cent is a tribute to Lincoln, leave the poor man alone
If this is the biggest concern, we'll, then, I have serious concerns....
I've proposed this idea before and I throw it out there again on occassion: privatize cent production.
Allow companies to make cents (or have them made by approved facilities), with a standard obverse and their advertising on the reverse.
Yes, it would still cost them more than a cent to make one, but they'd be doing it for advertising purposes.
The significant downside is that there would need to be guidelines on content, and that might prove problematic (accusations of censorship, etc.).
Yes, just like Civil War Tokens, great idea
Mr_Spud
Sure hope penny discontinued.
Bring back Hard Times tokens as protest money and get rid of the cent!