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Trump’s hidden tax increase?

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Posted By: NHChemist, 2/14/2025 5:21:50 PM

I’ll admit I agree with almost all of President Donald Trump’s initiatives, but there’s one about which I have some doubts: stopping the minting of pennies. Yes, I know that pennies cost more to make than they’re worth. (Snip) The nearest rounding option would be five cents (though there’s a smaller lobby gunning to kill the nickel, too). That means every transaction in Colorado — the lowest state sales tax at 2.9% — will get rounded up. New York City, whose combined tax cut on most sales is effectively 8.875%, will also get rounded up.

Comments:

Having traveled in Canada, which stopped minting its penny years ago, if you pay cash it is rounded up or down to the nearest five cents. The customer does not pay more. If you pay by credit card, you pay the actual amount. This is a non-issue.

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Reply 1 - Posted by: Corndoggies 2/14/2025 5:25:25 PM (No. 1896491)
Trump isn’t taking pennies out of circulation so is this even an issue?
14 people like this.

Reply 2 - Posted by: Californian 2/14/2025 5:40:20 PM (No. 1896496)
This makes no sense. I pay everything with credit cards. Like most people. Whatever the number is, it is. I haven't carried change in 20 years and have gone 6+ months at a time without any cash.
6 people like this.

Reply 3 - Posted by: Hermit_Crab 2/14/2025 5:47:27 PM (No. 1896499)
Yeah, #1 beat me to it. It isn't like pennies are going to disappear in the next generation or so (unless the lefties make ALL cash transactions disappear by making everything digital mark of the beast stuff). I bet I have at least 10,000 pennies laying around in boxes , drawers and many other nooks and crannies. And I'd bet that the average adult has five hundred or a thousand lying around somewhere. If the author's prediction comes true, it will be because the merchant chooses to raise the price, not out of necessity.
6 people like this.

Reply 4 - Posted by: Starboard_side 2/14/2025 5:49:14 PM (No. 1896500)
How stupid are people? He's directed the U.S. Mint to stop making NEW pennies. He did not say he was taking them out of circulation.
16 people like this.

Reply 5 - Posted by: erod111 2/14/2025 5:52:54 PM (No. 1896502)
As mentioned above: (1) pennies are still in circulation (2) I pay for everything with a credit card, I may carry folding money to use as tips for good service (3) a million dollars in pennies cost three million dollars to make that makes no s(cent)se.
5 people like this.

Reply 6 - Posted by: Bogasso 2/14/2025 5:53:23 PM (No. 1896503)
Junk drawers all over the nation will be picked through and long-ignored pennies will re-enter circulation, is my prediction. And possibly it will be worth the effort to pick them up off the floor.
3 people like this.

Reply 7 - Posted by: FLCracker 2/14/2025 6:17:14 PM (No. 1896512)
Sometimes you round up; sometimes you round down. Do it enough times and they cancel each other out. The IRS says its all right round up and down to the nearest dollar (although I do not trust them on this.) BTW, the penny is actually 98% zinc. (I rounded up from 97.5). - From a 2016 Live Science article.
4 people like this.

Reply 8 - Posted by: stablemoney 2/14/2025 6:21:10 PM (No. 1896515)
Biden killed the penny with inflation. Trump will decrease inflation, which will more than offset any costs from quitting the penny.
4 people like this.

Reply 9 - Posted by: mc squared 2/14/2025 6:34:06 PM (No. 1896526)
Small potatos compared to how we've been fleeced by the government. I usually leave a couple of pennies in the tray for the next guy who doesn't have one.
4 people like this.

Reply 10 - Posted by: anniebc 2/14/2025 6:35:30 PM (No. 1896527)
If pennies cost more than they're worth to make, wouldn't the same be true of nickels, dimes, quarters, dollars? It's not like pennies are extinct. I see so many pennies on the ground or concrete. People don't have much use for them, but they're still around. Right?
2 people like this.

Reply 11 - Posted by: Birddog 2/14/2025 6:59:08 PM (No. 1896542)
specious concept....even the Tax rates are in fractions of a cent, are we forced to carry 1/10th cents currently? The easy solution is make the "Need1/spare1" dishes a little bigger...max needed would still be only 4cents, and a dollar's worth of pennies at every checkout counter would not be intrusive, or confusing..
3 people like this.

Reply 12 - Posted by: CivilServant 2/14/2025 8:24:53 PM (No. 1896583)
Then FIGHT LOCAL TAXES. ALL politics are local. For the good of the Republic, fight.
0 people like this.

Reply 13 - Posted by: chumley 2/14/2025 9:11:26 PM (No. 1896595)
Instead of not making pennies, how about making an effort to out some value back in them? The US dollar has been losing value ever since the Federal Reserve was foisted on us. They make the money worth less and less every year, to the point that our money is worth 2% of what it was a hundred years ago. Make the money worth something again and cars would cost $2500 again. Houses would go for 15,000 again. A coke would be a dime again. Their paper money isn't worth squat.
1 person likes this.

Reply 14 - Posted by: Aud 2/14/2025 9:16:17 PM (No. 1896598)
It just occurred to me that with the end of the penny we might no longer be seeing all those prices on shelves and in catalogs ending in 99 cents.
1 person likes this.

Reply 15 - Posted by: Strike3 2/14/2025 9:45:29 PM (No. 1896620)
Better go back and do more thinking. Billions of pennies are sitting in jars all around the country. Call them back into circulation and you will never have to mint another one.
1 person likes this.

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