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The solution is simple: round up the total amount owed to the nearest nickel. At most, it would add only 4 cents to the final cost of a product or service (with the extra cents retained by the seller, and not considered a tax to be given to the government).
The system creates winners and losers. Nobody likes an unfair system.
Yet another example of our chaotic federal administration in action. It may well be that unlike most of Trump’s other crazy whims, this one could well have been legal. That doesn’t mean it should have happened without having a plan in place to deal with the inevitable shortages. It was not a national emergency, just another way for Trump to pretend he is a king. But King Trump has never been one to think before acting.
We just need one deep pocketed consumer or retailer to file a lawsuit pointing out the law still requires the mint to produce pennies and they would be back.
I agree the penny is a waste of tax dollars, but the way this was done is wrong. As my mom used to say, “if it’s worth doing it’s worth doing right.” Now people are cleaning up the mess on the back end.
I don’t understand why this is so complicated? Other countries have done this. They use the suggested symmetrical rounding so that it averages out where nobody wins and nobody looses in the long run.
I have no idea why Indians would even bother to come up with a system where the only loser is the state and it would only work for transactions that have sales tax? That’s about as dumb as legislating that PI equals 3.2…. Oh, wait. The Indiana legislature already tried that. Sorry, answered my own question.