Assuming that you know the consequenses (round to the nickel) do you think we still need the penny which cost 2 cents to make?
by 
Lukester
ANSWERS: 11
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I was just thinking about this the other day. I haven't decided how I feel about getting rid of them, but the best idea I could come up with was... Keep the pennies-place on non-cash transactions. You can't round everything up, and it doesn't cost any more for my debit card to pay $10.62 than it does for it to pay $10.65. Stop minting the penny, but keep its place (the 100ths place) for all transactions but cash.
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I think right now sales tax in my area is 7%. I do not relish the idea of it becoming instantly 10%.
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It sucks.
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Before or after sales taxes? Price $1.00, taxes $0.13, total $1.13. Rounded up to $1.15 who gets the extra 2 cents, the store or the taxman? If the store, then they should have priced the item at $1.02 or they are guilty of misrepresentation. And why should the taxman get more than the true tax rate?
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It might both help and mess with the economy. First, it would make people spend more money on items, that is if the prices are rounded up. It might mess with it because there would be a massive inflow of zinc and copper, thus lowering the price of these metals.
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Maybe they meant to say "penis" not "pennies"
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And then nickles will not be worth anything, then dimes, then dollars, where will it all end?
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I like pennies, maybe just because they're fun to count and roll! If you don't want your pennies, you should save them in a big jar, and when it is full donate it to charity. If anything, we should make gas prices round up to the nearest penny. The pumps always go to the thousandth of a dollar, not to the nearest cent.
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The reason why we sell things for 99 cents instead of a dollar has little to do with tax math, it is much more to do to making it more difficult for clerks to steal out of the till. Having several items that are $x.99 and $x.98 means that the end numbers will be an odd number, difficult to calculate in the head, more difficult to steal exactly that amount of money from the till. Rounding it all out would make it easier for theft.
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we did this in Australia a number of years ago ... we got rid of our 1 and 2 cent ( copper coins ), and its worked out ok ... somethings go up a couple of cents ... somethings go down a couple of cents
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"Handling and counting penny coins makes transaction costs that may be higher than a penny. It has been claimed that for micropayments the mental arithmetic costs more than the penny. Australia now uses 5¢ as its lowest demonitor. Changes in the price of metal commodity sometimes cause the metal value of pennies to exceed their face value, making them wasteful to mint. Several nations have stopped minting equivalent value coins, and efforts have been made to end the routine use of pennies in several countries, including Canada and the United States." Source and further information: http://en.wikipedia.org/wiki/Penny
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