The Budget has Cancelled the Penny!

AGEsAces · 26 Re: The Budget has Cancelled the Penny! Fri Mar 30, 2012 4:06 pm

AGEsAces

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My understanding is that if you pay by cash, and it's say $1.12, then you will pay $1.10, but if it's $1.13 or $1.14, then you will pay $1.15.

Wonder how long it will take all the stores to adjust their product prices so the totals with tax hit that $1.13 mark?

And where's the extra $.02 go? To the store? To the government? Do they have to declare the $.02 as income?

AGEsAces · 27 Re: The Budget has Cancelled the Penny! Fri Mar 30, 2012 4:08 pm

AGEsAces

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And I guess 30 years from now, those of us who aren't quite "Grumpy Old Men" will be telling OUR grandkids..."Why, when I was your age, we had these little copper coloured coins...they were only worth...."

Kind of like the uphill to school both ways in a blizzard story Wink

.

sputnik · 28 Re: The Budget has Cancelled the Penny! Fri Mar 30, 2012 4:54 pm

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AGEsAces wrote:Wonder how long it will take all the stores to adjust their product prices so the totals with tax hit that $1.13 mark?

Unless they are doing MASSIVE amounts of transactions, this will hardly make a difference and not only that, it would be impossible to do. Unless you only allow people to buy items one at a time and force everyone to always pay cash.

Some people paying cash will win, some will lose. No one will care. If you cared that much, just use plastic.

AGEsAces wrote:And where's the extra $.02 go? To the store? To the government? Do they have to declare the $.02 as income?

At year end they will add up all of the transactions at the end of the year, compare it to their bank balance and pay with a method that allows for increments of .01.

Just because a physical penny no longer exists doesn't mean that we will stop the ability of making transactions that aren't .05. We just won't be able to do it with cash.

Deank · 29 Re: The Budget has Cancelled the Penny! Fri Mar 30, 2012 5:06 pm

Deank

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"At year end they will add up all of the transactions at the end of
the year, compare it to their bank balance and pay with a method that
allows for increments of .01."

so.. to the store then?

just like when they charge you tax on the item before the sale price now (which is illegal) and keep the difference?

AGEsAces · 30 Re: The Budget has Cancelled the Penny! Fri Mar 30, 2012 5:13 pm

AGEsAces

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kind of like this:

grumpy old man · 31 Re: The Budget has Cancelled the Penny! Fri Mar 30, 2012 5:28 pm

grumpy old man

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That video is not true you know...

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The Budget has Cancelled the Penny!

26 Re: The Budget has Cancelled the Penny! Fri Mar 30, 2012 4:06 pm

AGEsAces

27 Re: The Budget has Cancelled the Penny! Fri Mar 30, 2012 4:08 pm

AGEsAces

28 Re: The Budget has Cancelled the Penny! Fri Mar 30, 2012 4:54 pm

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29 Re: The Budget has Cancelled the Penny! Fri Mar 30, 2012 5:06 pm

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30 Re: The Budget has Cancelled the Penny! Fri Mar 30, 2012 5:13 pm

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31 Re: The Budget has Cancelled the Penny! Fri Mar 30, 2012 5:28 pm

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