For those that do not know, every penny starts in Greene County [TN]. Save jobs in Greene County! [ETA: Adios penny!]

[BPPLEE]

I said nothing about corporate greed. I spoke of losing hundreds of millions of revenue to 'save' tens of millions of spending. This increases the deficit.

You’re complaining about shoppers saving $8 billion that you want corporations to keep so they can pay taxes on it

 

[essentialsaltes]

You’re complaining about shoppers saving $8 billion

I have done no such thing. You have inserted this red herring into the conversation.

that you want corporations to keep so they can pay taxes on it

The alleged motivation for eliminating the penny is that it costs the government money to make.

But the loss in government revenue seems very likely to be much larger than the cost savings.

 

[BPPLEE]

I have done no such thing. You have inserted this red herring into the conversation.

The alleged motivation for eliminating the penny is that it costs the government money to make.

But the loss in government revenue seems very likely to be much larger than the cost savings.

But it will save shoppers billions according to your calculations

 

[JSRG]

I have done no such thing. You have inserted this red herring into the conversation.

The alleged motivation for eliminating the penny is that it costs the government money to make.

But the loss in government revenue seems very likely to be much larger than the cost savings.

What is your evidence that the loss would be higher than savings? I don't think you've posted any evidence on that, unless I missed it.

 

[BPPLEE]

What is your evidence that the loss would be higher than savings? I don't think you've posted any evidence on that, unless I missed it.

He said the cost to corporations will be $8 billion and the government will lose taxes on that money

 

[JSRG]

He said the cost to corporations will be $8 billion and the government will lose taxes on that money

Which isn't evidence. It's just saying they'll lose money, and then (without explaining what kind of calculations arrived at this) that this will cost the government more money than it's saving. If that is going to cause the government to lose more than it saves, what is the evidence of this? One can't simply throw out an alleged amount of loss for corporations, you have to show how that converts to a loss for the government and the actual amount lost by the government (because obviously, the government isn't going to suddenly lose $8 billion even if companies overall do).

 

[BPPLEE]

Which isn't evidence. It's just saying they'll lose money, and then (without explaining what kind of calculations arrived at this) that this will cost the government more money than it's saving. If that is going to cause the government to lose more than it saves, what is the evidence of this? One can't simply throw out an alleged amount of loss for corporations, you have to show how that converts to a loss for the government and the actual amount lost by the government (because obviously, the government isn't going to suddenly lose $8 billion even if companies overall do).

I'm not arguing on his behalf I just made the observation that if his calculations are correct that means shoppers will save $8 billion.

 

[essentialsaltes]

Which isn't evidence. It's just saying they'll lose money, and then (without explaining what kind of calculations arrived at this) that this will cost the government more money than it's saving.

The effective tax rate on corporations is 16%. Even if we're generous and assume some companies are magically exempt from taxes or didn't make a profit and assume an average rate of only 10%, that's $800 million on $8 billion of lost income. Even if we assumed 1%, that's $80 million -- still more than the $52 million that the pennies cost to produce.