President Donald Trump says he has directed the Treasury Department to stop minting new pennies, citing the rising cost of producing the one-cent coin.
This actually creates an interesting issue around this, in that when sales tax increases (let’s say from 5% to 6%), a $1 item goes from $1.05 to $1.10, but only $0.06 of that is going to the government - the other $0.04 is theoretically lining the store’s pockets. Really, that rounded up value should all go to the government as tax (not that I want to pay more taxes, but like… I’d rather the money go to the government who presumably, if the system was working correctly, would be using it for my benefit, rather than to a store).
Did the round-up in Canada only apply to cash purchases, or did it also affect digital transactions, out of curiosity?
This actually creates an interesting issue around this, in that when sales tax increases (let’s say from 5% to 6%), a $1 item goes from $1.05 to $1.10, but only $0.06 of that is going to the government - the other $0.04 is theoretically lining the store’s pockets. Really, that rounded up value should all go to the government as tax (not that I want to pay more taxes, but like… I’d rather the money go to the government who presumably, if the system was working correctly, would be using it for my benefit, rather than to a store).
Did the round-up in Canada only apply to cash purchases, or did it also affect digital transactions, out of curiosity?