Bipartisan Accord on Trump’s Penny Elimination Proposal
Introduction
In a rare show of consensus, lawmakers from both sides of the political aisle have voiced support for President Donald Trump’s proposal to discontinue the production of pennies. Trump announced his intention on Sunday, citing the exorbitant cost of producing each one-cent coin, which exceeds its face value.
Lawmaker Endorsements
Rep. Jared Moskowitz (D-Fla.) declared the move as potentially "the best" action taken by Trump during his first month in office. Emphasizing the cessation of penny production since 2023, Moskowitz expressed his approval of the elimination proposal.
Standing alongside Moskowitz, Rep. Jamie Raskin (D-Md.) echoed his support. Citing the economic inefficiency of producing pennies, Raskin deemed Trump’s initiative as reasonable.
Rep. Ami Bera (D-Calif.) likewise concurred with the proposal, acknowledging the disparity between the cost of production and the coin’s worth.
Rep. Carlos Giménez (R-Fla.) expressed his agreement, stating that the decision made logical sense given the disproportionate cost of minting pennies.
Rep. Juan Ciscomani (R-Ariz.) echoed Giménez’s sentiment, highlighting the financial prudence of eliminating pennies due to their production cost exceeding their value.
Rep. George Latimer (D-N.Y.) adopted a nuanced approach, indicating his intention to consult with local businesses to determine the impact of the proposal on their operations. He asserted that his support would hinge on whether the change would facilitate or hinder their commercial activities.
Economic Rationale
According to the U.S. Mint, the Treasury Department incurred a loss of over $85 million in 2024 from penny production. This substantial deficit underscores the economic justification for discontinuing the coin’s manufacture.
Practical Considerations
Rep. Latimer recognized the potential for the penny’s elimination to affect sales tax calculations within business transactions. He expressed his willingness to support the decision if it simplified such calculations, whereas he would oppose it if it introduced complexities.
Conclusion
The widespread support for President Trump’s proposal to eliminate the penny demonstrates a rare bipartisan consensus in today’s political climate. Lawmakers from both parties acknowledge the economic rationale behind the move, citing the excessive cost of penny production relative to its value. While Rep. Latimer expressed the need to consider the potential impact on local businesses, the general sentiment among Congress members suggests a high likelihood of the proposal’s approval.
