MountainThunder Posted August 18, 2009 Posted August 18, 2009 http://blogs.moneycentral.msn.com/smartspending/?fpn=a%20tax%20deduction%20for%20your%20pet I wasn't sure how I felt about this at first, but on the surface, I think it is a good idea. There is, as with any deduction, the opportunity for fraud. However, that probably cannot be avoided. Considering how expensive surgery and upkeep can be for a pet, I actually like this.
cch5432 Posted August 18, 2009 Posted August 18, 2009 I'll have to hear some arguments from BGP for and against this. The side of me that wants to balance the budget hates this. The part of me that wants to keep money out of the government's hands loves it.
formerkywrestler Posted August 18, 2009 Posted August 18, 2009 I'll have to hear some arguments from BGP for and against this. The side of me that wants to balance the budget hates this. The part of me that wants to keep money out of the government's hands loves it. Wouldn't you rather balance the budget by eliminating one of the thousands of unnecessary programs? At least with this, we keep more of our tax dollars.
cch5432 Posted August 18, 2009 Posted August 18, 2009 Wouldn't you rather balance the budget by eliminating one of the thousands of unnecessary programs? At least with this, we keep more of our tax dollars. Yes, but any move to balance the budget is good. (Keep in mind that I say this with the mindset that most tax increases DECREASE tax revenue because they hinder economic growth, so therefore I would be against a tax increase with the budget in mind). But either way, it's not like our politicians would have applied the tax revenue lost from this to the budget.
formerkywrestler Posted August 18, 2009 Posted August 18, 2009 Yes, but any move to balance the budget is good. (Keep in mind that I say this with the mindset that most tax increases DECREASE tax revenue because they hinder economic growth, so therefore I would be against a tax increase with the budget in mind). But either way, it's not like our politicians would have applied the tax revenue lost from this to the budget. What all pet expenses would you be able to get a tax credit on? For instance would the government count food, grooming, toys, city registrations, or training tools? An example, I have a breed that needs frequent professional grooming, as JS and RM can attest I lax on this quite a bit because of the cost it entails. IF I was to get a tax credit on those expenses my dog would go to the groomer more frequently, thus this COULD spark economic growth.
cch5432 Posted August 18, 2009 Posted August 18, 2009 What all pet expenses would you be able to get a tax credit on? For instance would the government count food, grooming, toys, city registrations, or training tools? An example, I have a breed that needs frequent professional grooming, as JS and RM can attest I lax on this quite a bit because of the cost it entails. IF I was to get a tax credit on those expenses my dog would go to the groomer more frequently, thus this COULD spark economic growth. Probably for another thread, but is economic growth sparked by consumption spending? I (and more importantly, Robert Solow) would argue no, true economic growth is only caused by exogenuous technological growth, which more often than not comes from investment spending. And, to get technical, if there was not a tax credit, you'd keep your money in the bank, which would give banks more funds to lend out and lower interest rates, which increase investment spending. Then again, we have a government that refuses to stop lowering interest rates, artificially. But on the other hand, consumption or investment spending is better than public spending, mostly because of the deadweight loss associated with taxation. Safe to say that it is very convoluted. :lol: Either way, I wouldn't get up in arms against a tax credit. I'm just thinking out loud.
formerkywrestler Posted August 18, 2009 Posted August 18, 2009 Probably for another thread, but is economic growth sparked by consumption spending? I (and more importantly, Robert Solow) would argue no, true economic growth is only caused by exogenuous technological growth, which more often than not comes from investment spending. And, to get technical, if there was not a tax credit, you'd keep your money in the bank, which would give banks more funds to lend out and lower interest rates, which increase investment spending. Then again, we have a government that refuses to stop lowering interest rates, artificially. But on the other hand, consumption or investment spending is better than public spending, mostly because of the deadweight loss associated with taxation. Safe to say that it is very convoluted. :lol: Either way, I wouldn't get up in arms against a tax credit. I'm just thinking out loud. Hi, my name is formerkywrestler, I don't believe we've met! In all honesty I can partially agree with what you've said. But either way, I'm of the opinion that the more money we have and the less money they have, the better (you can fill in the we's and they's I'm sure).
cch5432 Posted August 18, 2009 Posted August 18, 2009 Hi, my name is formerkywrestler, I don't believe we've met! In all honesty I can partially agree with what you've said. But either way, I'm of the opinion that the more money we have and the less money they have, the better (you can fill in the we's and they's I'm sure). Agreed. :thumb: As I said, tax credit = less deadweight loss associated with taxation, so it's cool with me.
formerkywrestler Posted August 18, 2009 Posted August 18, 2009 Agreed. :thumb: As I said, tax credit = less deadweight loss associated with taxation, so it's cool with me.Have you seen a draft of this bill? I'm looking for what all it entails and can't seem to find anything.
formerkywrestler Posted August 18, 2009 Posted August 18, 2009 Agreed. :thumb: As I said, tax credit = less deadweight loss associated with taxation, so it's cool with me.There are things that I don't like with tax credits as well. For one, I'd much rather just see an across the board decrease than ones that target a specific group (even if that group happens to include me). But with the government, anything is always better than nothing at all...as I've found you aren't going to get much.
cch5432 Posted August 18, 2009 Posted August 18, 2009 Have you seen a draft of this bill? I'm looking for what all it entails and can't seem to find anything. No, but here it is.
JPP Posted August 18, 2009 Posted August 18, 2009 I love animals and have a dog of my own. But I'm sorry guys, I consider owning a pet a luxury not a neccessity. This would be a ridiculous tax break in my opinion.
stick1 Posted August 19, 2009 Posted August 19, 2009 I love animals and have a dog of my own. But I'm sorry guys, I consider owning a pet a luxury not a neccessity. This would be a ridiculous tax break in my opinion. I agree!:thumb:
swamprat Posted August 19, 2009 Posted August 19, 2009 We as a country do not have enough money in the till now to pay what we are spending. This tax credit will lessen the amount of money coming in even more. By extension, that means we all pay for people to have pets. That's ridiculous! I'm absolutely against this. Owning a pet is a privilege, not a right. If you wish to own a pet, it's your risk and responsibility to care for it. Not mine and not the government's. If you can't afford it, don't own one.
jvdfc Posted August 19, 2009 Posted August 19, 2009 We as a country do not have enough money in the till now to pay what we are spending. This tax credit will lessen the amount of money coming in even more. By extension, that means we all pay for people to have pets. That's ridiculous! I'm absolutely against this. Owning a pet is a privilege, not a right. If you wish to own a pet, it's your risk and responsibility to care for it. Not mine and not the government's. If you can't afford it, don't own one. I agree. :thumb: And BTW I own a pet.
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