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The Fine Print: The following comments are owned by whoever posted them. We are not responsible for them in any way.
bywill4 ( 7250692 ) writes:
Simply look at Australia how prices rose and were not rounded 50% in favor of consumers. This is a stealth tax and way to increase the GDP. Which by the way, when you pay credit card interest, you are increasing the GDP.
This is about making it more convenient for businesses and making it one step closer to government saying 'well, let's use government trackable digital currency now that 95% of the transactions are electronic'.
The penny may be used less than it was in the past, and keeping it is keeping mo
byTony Isaac ( 1301187 ) writes:
You're right, prices will increase by a couple of cents, maybe.
I say maybe because, here in the US, gas prices are still listed to the 1/10 of a penny. They're literally *always* some price + 0.9 cents. One could argue that this is just the type of price increase we're talking about, if we get rid of pennies. But in the end, the new pattern becomes normal, competitors will compete, and it all comes out in the wash.
Even if prices do rise (one time) by 2-5 cents, I think the net effect is positive, not having
byFirethorn ( 177587 ) writes:
It costs more in labor to count the pennies out in change in most locations today than the pennies are worth. It would literally save companies money to round down to the nearest nickel or even dime in cash transactions.
byFly Swatter ( 30498 ) writes:
But those businesses can already do this by just not pricing anything that would result in a penny. Oh right, there is sales tax - well there goes that idea because government will never allow tax to be just rounded down to the nearest five or dime.
bypsmears ( 629712 ) writes:
In the UK, when I complete my income tax return, all the figures entered (for income, tax already paid, deductions etc etc) have to be rounded to a whole number of pounds. The electronic form where you enter them automatically does this—always in the direction that favours the the worker, not the government.
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byFirethorn ( 177587 ) writes:
The IRS also only works in whole dollars.
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