2 cent piece revisited

If a purchase of $100.00 is taxed at 8.75%, the total would be $108.75, not $109.00 as you have stated.
If you don't understand a subject, don't comment on it.

 

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I wonder what would happen with all the cents. They would have to be stacking up somewhere. I don't see melting as an option.

 

What happened to 2c, 3c and 20c coins?

 

I have to respectfully disagree with this statement.
If 200 million people in this country, have a jar of 500 pennies in their house ( and let's face it most of them do) that's 1 billion dollars in pennies laying around. That's 100 billion pennies. They are not going to disappear very soon.
When they discontinue the cent, merchants will be offering premiums for people to bring them in. It will be a long time before rounding to the nearest nickel will be required.

 

How many cent shortages have you lived through? I've been through at least three. And in every case as the cents started getting scarce the cents first got hoarded, and then businesses and banks started offering premiums up to as much as 25% to try and get people to turn loose of their hoards. It didn't work. Businesses had to resort to handing out pieces of candy instead of cents, and some did start rounding. And this was during periods when the Mint was still striking cents around the clock. What happens when they are NOT striking them?

The time from when the shortages first started being noticed, to the premiums, to the candy, and then rounding was about four to five months. You also have the problem that when something starts to get scarce, people start hoarding it, even when premiums are offered, in the hopes of cashing in on even greater premiums in the future. So a shortage tends to feed on itself. If a shortage lasts long enough that many businesses start rounding, they stop trying to get cents. When that happens demand drops and the premiums dry up. Then even if they dump their hoards on the banks, there isn't a lot of incentive for the business that have gotten used to rounding to stop. They still don't try to order cents and the surplus coming into the banks just gets shipped back to the Fed.

When Canada discontinued their cent most of them disappeared within about a year.

Back in 1942 the country was faced with a cent shortage. People offered premiums, they appealed to their patriotism to turn in their cent hoards to help the war effort. Remember this was WWII and patriotism was running sky high. Recirculate your old copper cents so we won't have to make new ones. The appeals failed, and we got the steel cent.

 

11.50 is changed to 11.00 to calculated total amount .It's rounded up before
total of purchases
I think you know were talking about %%%%%%%%%%%%%%%%%%%%%%%%%%%

 

I still don't understand what you are trying to tell me. You are making no sense at all.

 

Our sale tax is 10.5 but when you buy any thing it's rounded up to 11%
a purchase of $100.00 should be 110.50 but it is $111.00

 

I get that point, but it's not up, it's down. 11 is LOWER than 11.5.
Now, explain why it is rounded before being applied.
Perhaps if you were to tell us WHERE you are and WHERE this is done, I could look it up myself.
Until then, IMO, you're talking out of your butt.

 

Error 10.50 now you can here it

 

Now I know you're talking out of your butt

 

OK, but you still haven't explained why they round before application. I don't think they do, but I don't think you understand how sales and use tax works.

 

I understand how sales and use tax works .There reason that they can not collect
fractions of a dollar so they rounded it up to 11% but the tax is 10.5%
let me see if a find a sale slip and post it

 

John, If you buy a taxable item that costs $20, the 10.5% tax is $2.10. Not $2.00, as your argument would suggest.

I must ask, how old are you and how did you do in your math classes?

 

the tax comes out to $2.10 at 10.5% we pay $2.20 that is 11%. Your off buy 1 cents and they will want to put you in jail

 

Were did you get $2.00 from ?

 

You. You said it was rounded down to 10% before application.
Looking at you other posts, I've determined that you are definitely not a math wizard.
Gotta ignore you from now on. Bye.

 

Never said it was rounded down to 10% before application. You need to learn to read

 

Quit when you are behind.

 

Need to Read if you can