H.r. 3501

Quote:

---

Originally Posted by Eventide

A law like this would be incredibly helpful to anyone who is going through a [temporary] tough time, financially, but doesn't want to give up his pets.

.

---

This isn't really true. It wouldn't be helpful at all in any emergency situation. This isn't the govt saying they'll hand out money to folks with pets. This is a person being able to deduct a certain amount of money spent on their pets from their overall income at tax time.

SO...in July, your dog is hit by a car and you incur a lot of vet bills, on top of all the regular expenses for your pet. The new tax law won't help a bit at that time. But the following spring, when you do your taxes....IF you're able to take itemized deductions, THEN you can add $3500 (at the most) to those deductions....which, depending on your situation, might lower your owed taxes by $50 or so. Not exactly a bail-out situation for pet owners.

Well, that added $50 in the pocket can go towards paying bills or buying food.

Quote:

---

Originally Posted by Raptor

Well, that added $50 in the pocket can go towards paying bills or buying food.

---

Certainly, every little bit helps. But to say this is some sort of big help for pet owners and they will suddenly be able to afford their pets more easily because of this tax bill is silly.

Quote:

---

Originally Posted by JLC

Certainly, every little bit helps. But to say this is some sort of big help for pet owners and they will suddenly be able to afford their pets more easily because of this tax bill is silly.

---

I think that the only people who will get any form of major tax break are those who deal a lot with vets. Such as cattle breeders, horse trainers, etc. People who have the vets come out routinely. It's hard to say though.

Once again though....it all comes back to what the law will interpret as being a "pet".

Quote:

---

Originally Posted by JLC

This isn't really true. It wouldn't be helpful at all in any emergency situation. This isn't the govt saying they'll hand out money to folks with pets. This is a person being able to deduct a certain amount of money spent on their pets from their overall income at tax time.

SO...in July, your dog is hit by a car and you incur a lot of vet bills, on top of all the regular expenses for your pet. The new tax law won't help a bit at that time. But the following spring, when you do your taxes....IF you're able to take itemized deductions, THEN you can add $3500 (at the most) to those deductions....which, depending on your situation, might lower your owed taxes by $50 or so. Not exactly a bail-out situation for pet owners.

---

True. But it doesn't really matter if people are actually getting additional money to help with pet bills or not: they see "tax benefit" or "tax break" and immediately think they'll be getting money.

This is why I like the fair tax idea, its simple, its easy and you cant evade it very well (there's always a way of course :rolleyes:) and it would essentially do away with the tax code. I am a FIRM believer of the K.I.S.S. approach to all things!! :)

Quote:

---

Originally Posted by JLC

How many people will go out and buy a dog and chain it up in the back yard and toss food out to it now and then so they can claim a pet on their income tax? :confused:

While I can understand the attractiveness of the idea (ANYthing we can do to save money on taxes sounds good at first blush, as well as anything the government does that makes it look like they're supportive of pet ownership)...I can still see far more problems with a bill like this than saving a few dollars would be worth.

---

I agree with this. You know that people would be getting an animal and not giving it good care just so they can get income tax. IDK yes this would help me but just think what people will do to get that money.

Thanks for posthing this. I filled it out and passed the word on. :)

Im concerned with this point.

or did this already get cleared up?

`(1) QUALIFIED PET- The term `qualified pet' means a legally owned, domesticated, live animal.