<< <i>If the cent is eliminated how would sales taxes be paid ? >>
Same as now- add up the total and round to the nearest (5 cent) increment. Check this out:
...the tax rate most commonly encountered by Arizona consumers (e.g., for retail transactions) set at 5.6%.
California has a statewide sales tax rate of 7.25%...
Colorado's state sales tax is 2.9%...
Hawaii does not technically have a sales tax, but it does have an excise tax which applies to nearly every conceivable type of transaction (including services), and is technically charged to the business rather than the consumer. Unlike other states, businesses may or may not show the tax separately on the receipt, as it is technically part of the selling price. 4.712% is charged at retail...
(above snips from Wikipedia)
That's just four states with tax rates which are in increments smaller than a cent- there are more. If it's working for those states now (nobody really makes change for .712 of a cent, do they?), why would eliminating the cent require any modification of sales taxes?
Stores currently price stuff at 2/$0.89 and 3/$1.00 with no need of a half or third cent coin- taxes are no different.
BUSINESS WITHOUT THE MIGHTY CENT. Indiana has a 6% add on sales tax. A restuarant check at $6.25 plus .42 cents tax is $6.67. Can not be payed without 2 cents. But if price is raised to $6.28 plus .42 cents tax the check is $6.70. A small business will not or cannot take a hit on this. Bars and lounges did this years ago but prices were raised to the next dime or quarter. Pennies are not accepted for anything and those leaving them as part of a tip are sorely remembered.
<< <i>That's like saying the Mint Director could just stop making quarters one day. In theory, maybe. But not in practice. >>
He sure can. If the Mint has no orders from the Fed the Mint Director WILL order the production of the quarters to stop. In 2001 the the Mint was striking half dollars in anticipation of orders from the Fed. When the fed informed the Mint that they did not plan on ordering any more half dollars because they had plenty on hand, the Mint stopped striking halves. (All of the halves struck since them have been made simply to sell to collectors, not for circulation.) From 1982 till the end of 1999 the Mint had the authority to strike SBA dollars, but the Fed had plenty on hand and didn't order any so the Mint didn't strike any. In late 1999 the Fed told the Mint they were running low on dollar coins and were going to need more, so the Mint struck the 1999 SBA's. It is the orders from the Fed that determines what gets produced. The Mint and the BEP may produce a small stockpile just in case the Fed does order some but they will not produce large quantities unless they know that the Fed will be ordering.
As for the comments about swapping to the coin and discontinuing the dollar "Because everyone else has done it", we/I am NOT advocating it because the other countries have done it, but because doing so can work with little problem and it does save money and work efficiently as the experiences of the other countries has demonstrated. Insisting on doing something in a more costly inefficient manner when you know of a demonstratively more efficient method is backwards and stupid. Just because we are Americans doesn't mean we have to do things in a wasteful manner.
<< <i>Apparently the rest of the world IS smarter than we are. We are backwards. >>
I simply can't believe people use the "everyone else is doing it" argument. If you want to eliminate the bill in favor of a coin because it will save money, fine. If you want to do it because you like coins more than paper, fine. If you want to do it because you think coins are more convenient, fine. But to tell us that we need to do something just because everyone else is...are you insane? Should we become Communist just because 1.5 billion other people are?
What if you want to paint your house green, but everyone else has painted their house purple. Assume you can buy purple paint for 20% less than green paint. Are you "backwards" for not wanting to paint your house purple? Everyone else does it. Everyone else saved money doing it.
We are the land of the cowboy, the frontiersman, the explorer, the scientist. Americans are known for a fierce sense of independence (we even have a day to celebrate that spirit). We are who we are. We are not Canadians. We are not New Zealanders. We are not Europeans. We are Americans. And we're proud to be who we are.
Do you really believe everyone has to be the same, and if someone doesn't conform to the norm, they are "backwards" and stupid? >>
Rant. That wasn't the point. The point is that until they stop selling the purple paint, no one is going to buy green paint.
Jonathan
I have been a collector for over mumbly-five years. I learn something new every day.
<< <i>i read that canada had problems getting people to use their dollar coins. they solved the problem,they stopped making the dollar bill,now the dollar coin circulates along with a two dollar coin. me thinks the u.s. >>
Maybe, but the coins are too heavy. I'd rather we had $5 and $10 coins. It's easier to carry paper dollars, to be sure. >>
Yea, right. Too heavy. I've got 8 PrzBux in my pocket. No problem for me. What kind of person are you who can't carry a few dollars in your pocket? Come on! They are not even that much bigger or heavier than the quarter.
Try again.
Jonathan
I have been a collector for over mumbly-five years. I learn something new every day.
Did not get through all the posts but I believe it is only a matter of time before the dollar bill disappears. Canada is not the only ones to do it Japan got rid of the $1 and $5 bill and replaced them both with coins. I have been there and it seems to work pretty well. People will just have to adjust.
Once the politician see how much potential money can be saved over 30 years they will eventually do it.
<< <i>The wieght of the $1 dollar coins are no problem. They still look to frigging much like a quarter. >>
I usually keep about 5 in my pocket and can't see how someone can confuse these with a quarter? If I need a dollar my fingers go right to it mixed with other change.
It's really hard to do lines with a SBA dollar. The Sackie was no different. Try to do a bump through the Washie dollar: same deal. That's why they can't get rid of the paper dollar.
<< <i>Bear, we were the FIRST country to attempt a small size dollar coin. All the other countries copied it from US not the other way around. The difference was that the other countries watched when we tried it with the SBA and learned from our mistakes. They didn't make the mistake of making the coin the same color. They didn't make the mistake of not withdrawing the paper note. It took us 20 years to figure out the first mistake and change the color. We still haven't figured out the second one after 27 years. Apparently the rest of the world IS smarter than we are. We are backwards. >>
<< <i>Apparently the rest of the world IS smarter than we are. We are backwards. >>
I simply can't believe people use the "everyone else is doing it" argument. If you want to eliminate the bill in favor of a coin because it will save money, fine. If you want to do it because you like coins more than paper, fine. If you want to do it because you think coins are more convenient, fine. But to tell us that we need to do something just because everyone else is...are you insane? Should we become Communist just because 1.5 billion other people are?
What if you want to paint your house green, but everyone else has painted their house purple. Assume you can buy purple paint for 20% less than green paint. Are you "backwards" for not wanting to paint your house purple? Everyone else does it. Everyone else saved money doing it.
We are the land of the cowboy, the frontiersman, the explorer, the scientist. Americans are known for a fierce sense of independence (we even have a day to celebrate that spirit). We are who we are. We are not Canadians. We are not New Zealanders. We are not Europeans. We are Americans. And we're proud to be who we are.
Do you really believe everyone has to be the same, and if someone doesn't conform to the norm, they are "backwards" and stupid? >>
<< <i>Apparently the rest of the world IS smarter than we are. We are backwards. >>
I simply can't believe people use the "everyone else is doing it" argument. If you want to eliminate the bill in favor of a coin because it will save money, fine. If you want to do it because you like coins more than paper, fine. If you want to do it because you think coins are more convenient, fine. But to tell us that we need to do something just because everyone else is...are you insane? Should we become Communist just because 1.5 billion other people are?
What if you want to paint your house green, but everyone else has painted their house purple. Assume you can buy purple paint for 20% less than green paint. Are you "backwards" for not wanting to paint your house purple? Everyone else does it. Everyone else saved money doing it.
We are the land of the cowboy, the frontiersman, the explorer, the scientist. Americans are known for a fierce sense of independence (we even have a day to celebrate that spirit). We are who we are. We are not Canadians. We are not New Zealanders. We are not Europeans. We are Americans. And we're proud to be who we are.
Do you really believe everyone has to be the same, and if someone doesn't conform to the norm, they are "backwards" and stupid? >>
<< <i>Insisting on doing something in a more costly inefficient manner when you know of a demonstratively more efficient method is backwards and stupid >>
Not necessarily. This is a matter of deep personal preference. We're not talking about something nobody cares about, like changing the color fibers of a bill or enlarging a president's portrait. We're talking about forcing people to carry more change around than they already do. Some people love to carry change. In my experience, most people hate it. It is not a matter of doing things inefficiently for no reason--it's a matter of doing things inefficiently because people PREFER it that way.
Is it cost effective for you to go to a restaurant and pay someone 15% of your ticket just to bring your food and drinks to you? Would it not be more efficient to get up and get your own food and drinks? If you rely on a waiter/waitress to provide a value-added service (at an implied cost), does that make you backwards and stupid? Or does that just mean you enjoy the convenience of being able to relax and let someone else do the work for you?
I heard they were making a French version of Medal of Honor. I wonder how many hotkeys it'll have for "surrender."
<< <i>Rant. That wasn't the point. The point is that until they stop selling the purple paint, no one is going to buy green paint. >>
Whose point? I wasn't addressing the question of whether or not the coin can circulate along with the bill. I was addressing this nonsense idea that if we aren't like everyone else, we are backwards and stupid. If you are still confused, I was directly addressing the sentiment expressed in this post:
<< <i>Rant. That wasn't the point. The point is that until they stop selling the purple paint, no one is going to buy green paint. >>
<< <i>Are we the only people so backwards that we can't adapt to a litle change like that when EVERYONE else in the world can? >>
I heard they were making a French version of Medal of Honor. I wonder how many hotkeys it'll have for "surrender."
Comments
<< <i>polititians and lobbiest, the scourge of the earth
Except this one...Al Gore
<< <i>If the cent is eliminated how would sales taxes be paid ? >>
Same as now- add up the total and round to the nearest (5 cent) increment. Check this out:
...the tax rate most commonly encountered by Arizona consumers (e.g., for retail transactions) set at 5.6%.
California has a statewide sales tax rate of 7.25%...
Colorado's state sales tax is 2.9%...
Hawaii does not technically have a sales tax, but it does have an excise tax which applies to nearly every conceivable type of transaction (including services), and is technically charged to the business rather than the consumer. Unlike other states, businesses may or may not show the tax separately on the receipt, as it is technically part of the selling price. 4.712% is charged at retail...
(above snips from Wikipedia)
That's just four states with tax rates which are in increments smaller than a cent- there are more. If it's working for those states now (nobody really makes change for .712 of a cent, do they?), why would eliminating the cent require any modification of sales taxes?
Stores currently price stuff at 2/$0.89 and 3/$1.00 with no need of a half or third cent coin- taxes are no different.
Indiana has a 6% add on sales tax. A restuarant check at $6.25 plus .42 cents tax is $6.67.
Can not be payed without 2 cents. But if price is raised to $6.28 plus .42 cents tax the check is $6.70.
A small business will not or cannot take a hit on this.
Bars and lounges did this years ago but prices were raised to the next dime or quarter.
Pennies are not accepted for anything and those leaving them as part of a tip are sorely remembered.
<< <i>That's like saying the Mint Director could just stop making quarters one day. In theory, maybe. But not in practice. >>
He sure can. If the Mint has no orders from the Fed the Mint Director WILL order the production of the quarters to stop. In 2001 the the Mint was striking half dollars in anticipation of orders from the Fed. When the fed informed the Mint that they did not plan on ordering any more half dollars because they had plenty on hand, the Mint stopped striking halves. (All of the halves struck since them have been made simply to sell to collectors, not for circulation.) From 1982 till the end of 1999 the Mint had the authority to strike SBA dollars, but the Fed had plenty on hand and didn't order any so the Mint didn't strike any. In late 1999 the Fed told the Mint they were running low on dollar coins and were going to need more, so the Mint struck the 1999 SBA's. It is the orders from the Fed that determines what gets produced. The Mint and the BEP may produce a small stockpile just in case the Fed does order some but they will not produce large quantities unless they know that the Fed will be ordering.
As for the comments about swapping to the coin and discontinuing the dollar "Because everyone else has done it", we/I am NOT advocating it because the other countries have done it, but because doing so can work with little problem and it does save money and work efficiently as the experiences of the other countries has demonstrated. Insisting on doing something in a more costly inefficient manner when you know of a demonstratively more efficient method is backwards and stupid. Just because we are Americans doesn't mean we have to do things in a wasteful manner.
<< <i>
<< <i>Apparently the rest of the world IS smarter than we are. We are backwards. >>
I simply can't believe people use the "everyone else is doing it" argument. If you want to eliminate the bill in favor of a coin because it will save money, fine. If you want to do it because you like coins more than paper, fine. If you want to do it because you think coins are more convenient, fine. But to tell us that we need to do something just because everyone else is...are you insane? Should we become Communist just because 1.5 billion other people are?
What if you want to paint your house green, but everyone else has painted their house purple. Assume you can buy purple paint for 20% less than green paint. Are you "backwards" for not wanting to paint your house purple? Everyone else does it. Everyone else saved money doing it.
We are the land of the cowboy, the frontiersman, the explorer, the scientist. Americans are known for a fierce sense of independence (we even have a day to celebrate that spirit). We are who we are. We are not Canadians. We are not New Zealanders. We are not Europeans. We are Americans. And we're proud to be who we are.
Do you really believe everyone has to be the same, and if someone doesn't conform to the norm, they are "backwards" and stupid? >>
Rant. That wasn't the point. The point is that until they stop selling the purple paint, no one is going to buy green paint.
Jonathan
<< <i>
<< <i>i read that canada had problems getting people to use their dollar coins. they solved the problem,they stopped making the dollar bill,now the dollar coin circulates along with a two dollar coin. me thinks the u.s. >>
Maybe, but the coins are too heavy. I'd rather we had $5 and $10 coins. It's easier to carry paper dollars, to be sure. >>
Yea, right. Too heavy. I've got 8 PrzBux in my pocket. No problem for me. What kind of person are you who can't carry a few dollars in your pocket? Come on! They are not even that much bigger or heavier than the quarter.
Try again.
Jonathan
Once the politician see how much potential money can be saved over 30 years they will eventually do it.
They still look to frigging much like a quarter.
<< <i>The wieght of the $1 dollar coins are no problem.
They still look to frigging much like a quarter. >>
I usually keep about 5 in my pocket and can't see how someone can confuse these with a quarter? If I need a dollar my fingers go right to it mixed with other change.
<< <i>The wieght of the $1 dollar coins are no problem.
They still look to frigging much like a quarter. >>
31mm vs 24.3mm? Copper - Nickel Clad (silvery) vs "Golden" (changing to turd Brown)?
C'mon, you're gonna have to try harder than that.
This pitch was acually used to promote the SBA.
<< <i>They have one good advantage----you can hear the coin hit the floor but not a $1 bill.
This pitch was acually used to promote the SBA. >>
Really swingin' for the fences!
<< <i>Bear, we were the FIRST country to attempt a small size dollar coin. All the other countries copied it from US not the other way around. The difference was that the other countries watched when we tried it with the SBA and learned from our mistakes. They didn't make the mistake of making the coin the same color. They didn't make the mistake of not withdrawing the paper note. It took us 20 years to figure out the first mistake and change the color. We still haven't figured out the second one after 27 years. Apparently the rest of the world IS smarter than we are. We are backwards. >>
it's clear to me that you hate America.
hi, i'm tom.
i do not doctor coins like some who post in here.
<< <i>
<< <i>Apparently the rest of the world IS smarter than we are. We are backwards. >>
I simply can't believe people use the "everyone else is doing it" argument. If you want to eliminate the bill in favor of a coin because it will save money, fine. If you want to do it because you like coins more than paper, fine. If you want to do it because you think coins are more convenient, fine. But to tell us that we need to do something just because everyone else is...are you insane? Should we become Communist just because 1.5 billion other people are?
What if you want to paint your house green, but everyone else has painted their house purple. Assume you can buy purple paint for 20% less than green paint. Are you "backwards" for not wanting to paint your house purple? Everyone else does it. Everyone else saved money doing it.
We are the land of the cowboy, the frontiersman, the explorer, the scientist. Americans are known for a fierce sense of independence (we even have a day to celebrate that spirit). We are who we are. We are not Canadians. We are not New Zealanders. We are not Europeans. We are Americans. And we're proud to be who we are.
Do you really believe everyone has to be the same, and if someone doesn't conform to the norm, they are "backwards" and stupid? >>
hi, i'm tom.
i do not doctor coins like some who post in here.
Coin or Currency????
AL
<< <i>what is less expensive to manufacture?
Coin or Currency????
AL >>
Coin. Paper wears out on average after one year where coin last for 30 years.
<< <i>
<< <i>Apparently the rest of the world IS smarter than we are. We are backwards. >>
I simply can't believe people use the "everyone else is doing it" argument. If you want to eliminate the bill in favor of a coin because it will save money, fine. If you want to do it because you like coins more than paper, fine. If you want to do it because you think coins are more convenient, fine. But to tell us that we need to do something just because everyone else is...are you insane? Should we become Communist just because 1.5 billion other people are?
What if you want to paint your house green, but everyone else has painted their house purple. Assume you can buy purple paint for 20% less than green paint. Are you "backwards" for not wanting to paint your house purple? Everyone else does it. Everyone else saved money doing it.
We are the land of the cowboy, the frontiersman, the explorer, the scientist. Americans are known for a fierce sense of independence (we even have a day to celebrate that spirit). We are who we are. We are not Canadians. We are not New Zealanders. We are not Europeans. We are Americans. And we're proud to be who we are.
Do you really believe everyone has to be the same, and if someone doesn't conform to the norm, they are "backwards" and stupid? >>
This bears quoting/repeating again!
<< <i>Insisting on doing something in a more costly inefficient manner when you know of a demonstratively more efficient method is backwards and stupid >>
Not necessarily. This is a matter of deep personal preference. We're not talking about something nobody cares about, like changing the color fibers of a bill or enlarging a president's portrait. We're talking about forcing people to carry more change around than they already do. Some people love to carry change. In my experience, most people hate it. It is not a matter of doing things inefficiently for no reason--it's a matter of doing things inefficiently because people PREFER it that way.
Is it cost effective for you to go to a restaurant and pay someone 15% of your ticket just to bring your food and drinks to you? Would it not be more efficient to get up and get your own food and drinks? If you rely on a waiter/waitress to provide a value-added service (at an implied cost), does that make you backwards and stupid? Or does that just mean you enjoy the convenience of being able to relax and let someone else do the work for you?
<< <i>Rant. That wasn't the point. The point is that until they stop selling the purple paint, no one is going to buy green paint. >>
Whose point? I wasn't addressing the question of whether or not the coin can circulate along with the bill. I was addressing this nonsense idea that if we aren't like everyone else, we are backwards and stupid. If you are still confused, I was directly addressing the sentiment expressed in this post:
<< <i>Rant. That wasn't the point. The point is that until they stop selling the purple paint, no one is going to buy green paint. >>
<< <i>Are we the only people so backwards that we can't adapt to a litle change like that when EVERYONE else in the world can? >>