Social Security Cost of Living Increase Barred to Give Pet Owners a Tax Credit

Congressman Thaddeus McCotter, a reasonably conservative Republican out of the state of Michigan, has recently presented H.R.3051 or the Humanity and Pets Partnered Through the Years "HAPPY" Act.

So what exactly does this Act entail?

SEC. 224. PET CARE EXPENSES.

(a) Allowance of Deduction- In the case of an individual, there shall be allowed as a deduction for the taxable year an amount equal to the qualified pet care expenses of the taxpayer during the taxable year for any qualified pet of the taxpayer.

'(b) Maximum Deduction- The amount allowable as a deduction under subsection '(a) to the taxpayer for any taxable year shall not exceed $3,500.

Qualified Pet Care Expenses- For purposes of this section, the term 'qualified pet care expenses' means amounts paid in connection with providing care (including veterinary care) for a qualified pet other than any expense in connection with the acquisition of the qualified pet.

'(d) Qualified Pet- For purposes of this section-

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

'(2) EXCEPTIONS- Such term does not include any animal-

'(A) used for research or owned or utilized in conjunction with a trade or business, or

'(B) with respect to which the taxpayer has claimed a deduction under section 162 or 213 in any of the preceding 3 taxable years.

WHOA! Are they actually serious? Not only is the Act being supported by the irritating Congressman McCotter but apparently infamous Barrack Obama has also taken initiative in supporting this unsurprisingly ridiculous proposal. I may as well get my retriever a SSN and add him as a dependent.

So where exactly are we going to be getting the tax credit from? Doing more research on the matter I found that due to a lack of inflation (this does not include the inflation of medical costs which affect greatly the elderly and helpless) in our economy Social Security beneficiaries will not be receiving the cost of living increase supplement this year. Hmmm... Barack Obama has appropriately addressed the situation by suggesting a one time check of $250 that should cover the needs of our elderly and helpless. Some how that does not seem to meet the lofty $3,500 tax credit.

Now wait a second. Won't a lot of the elderly and helpless be able to take advantage of the tax credit? Think about it. Most elderly and helpless people do not make enough money to even come close to making a tax deduction of any amount. According to McCotter, this act should enable those who previously would NOT be able to afford their pets to receive a tax break great enough to lighten the burden. The reality is, those who honestly can't afford to keep their pets won't make enough money to get the tax credit. Its the wealthy that spends thousands of dollars on their animals that will be receiving the tax credit. Good thing we are taking away money from the elderly and helpless so the wealthy can afford a $1,000 manicure for their pet poodle.