Showing posts with label Pennige. Show all posts
Showing posts with label Pennige. Show all posts

Dec 15, 2009

Penny for Your Thoughts

Did you know it costs the government 1.4 cents to make a penny. It produces 5.4 billion of them a year. Do you know why the government has to keep producing pennies? It is because of sales tax, which makes purchases cost an uneven amount, because tax is a percent of the price. The coin's name derives from the Old English pennige, pronounced, roughly, penny-yuh.


Can you see those initials under Lincoln's right shoulder? They are the initials of the designer. So, our infinitely wise government makes pennies, which it has to make because of taxes, and it loses money on each one, which cost us more income tax to pay for their production costs. My thoughts are to eliminate sales tax so our income tax will go down and we could get rid of pennies.