New Proposed Tax Deduction for your pet....

US Representative Thaddeus McCotter of Michigan (unemployment rate of 15.2%) recently proposed a new bill which would give animal owners a tax deduction for qualified pet expenses up to $3,500. The goal of this deduction is to make it more affordable to provide for your pets and hopefully discourage owners from abandoning their pets. Right now, people can deduct for their own medical expenses ONLY those costs that are over 7.5% of their Adjusted Gross Income. So the tax treatment for your pet expenses would be better than your own. This bill has encouraged a lively debate among the American public, with most people thinking it is ridiculous. The bottom line is if you can't afford a pet then don't get one. I really don't think this bill will go far, but it is getting plenty of press coverage.