Penny bill: Hidden Tax For Cash Customers
At first glance, House Bill 71 relating to rules for cash sales for pennies seems like a good idea.
According to a press release from Rep.
Without clear rules, businesses and shoppers get different treatment at different stores.
"HB0071 uses the same rounding method that
That all sounds really great right? I understand the premise - wanting uniformity, because too often there is not.
I thought this sounded good and reasonable, but the more I thought about it I realized I do not agree with
Here is the catch. In his release, " The bill only applies to cash sales when exact change is not available. It does not change anything for card payments, checks, or sales paid in exact change."
So, to me as a customer, I view this bill as essentially an extra tax for those paying cash. I realize I may go to one store and it would be rounded down and the next store I would be charged the extra tax when it is rounded up.
Do I have the answer? I do not. Perhaps, we must leave it up to individual business owners, just as we do with credit card charges. Some businesses charge an extra fee for processing cards. That fee from what I have personally witnessed, can range from 3% to 6%. Some businesses, like the
I do agree with one thing Yin stated, if and when businesses start rounding up or down, it should be posted at their business, just like businesses do with credit card fees.
One more thing I disagree with Yin about is a perceived shortage while admitting there is "about" 114 billion pennies still in circulation across the country (maybe more if we all clean our cushions in the car and the couch).
I have talked to a few businesses about the penny and those I have talked with laugh it off as something they are not concerned about as there seems to be a lot of pennies in their "have a penny leave a penny, need a penny, grab a penny" container at the register.
I do appreciate
--
General Manager



Berman McAleer LLC Invests $1.80 Million in Alphabet Inc. $GOOG
COLUMN: Working to lower the cost of care for Kentucky families
Advisor News
- Temporary tax hike to fill Medicaid gap heads to governor
- Iowa Senate sends health insurer tax increase to governor’s desk
- Temporary tax hike to fill Iowa Medicaid gap heads to governor’s desk
- Iowa Medicaid temporary tax plan draws sharp public opposition
- EDITORIAL: Make responsible tax cuts, increases
More Advisor NewsAnnuity News
- LIMRA: Final retail annuity sales total $464.1 billion in 2025
- How annuities can enhance retirement income for post-pension clients
- We can help find a loved one’s life insurance policy
- 2025: A record-breaking year for annuity sales via banks and BDs
- Lincoln Financial launches two new FIAs
More Annuity NewsHealth/Employee Benefits News
- SHAPIRO ADMINISTRATION REMINDS PENNSYLVANIANS TO GET SCREENED FOR COLORECTAL CANCER DURING COLORECTAL CANCER AWARENESS MONTH
- Mizzou joins other insurers in cutting GLP‑1 weight‑loss drug coverage
- Marion County Democrats turn out for 'Pancakes and Politics'
- ‘Dysfunctional’ health care market blamed for skyrocketing costs
- Temporary tax hike to fill Medicaid gap heads to governor
More Health/Employee Benefits NewsLife Insurance News
- Securian Financial Launches FlexTech™ to Make Embedded Protection Simple, Fast and Convenient
- How outdated beneficiary choices can derail your plans
- Best’s Commentary: Proposed Risk-Based Capital Change in Hong Kong Could Bolster Market’s Global Standing
- Retirement Tax Worries on the Rise Among Americans, Allianz Life Study Finds
- Lincoln Financial Recognized for Leadership in the Advancement of Long-Term Care Planning
More Life Insurance News