Create U.S. Pet Tax Credits or Deductions
Create U.S. Pet Tax Credits or Deductions
The Issue
All responsible, caring U.S. pet-owning taxpayers should be able to receive a Pet Tax Credit or Deductions to reduce their bills. Having a pet requires a significant amount of time, love, and money. During this period of high inflation and massive animal ownership, pet parents face even more financial challenges covering expenses while selflessly already caring for and taking in animals. Meanwhile, the pet industry still provides major economy and health boosters. This market segment continuously proves to withstand economic hardships seen globally and continues to get stronger. And simply, the act of adopting or fostering a fur baby does so much good for our society.
TIME, COMMITMENT & LOVE
The number of pets, namely dogs and cats, being rescued, adopted and fostered is rapidly rising. The number of adoptions and purchases were already increasing prior to the pandemic. But during the COVID-19 outbreak, so many Americans have been working remotely giving them more flexibility to care for pets. These people chose to do more for others instead of themselves. With the additional furry family member, comes a new set of responsibilities including daily expenses like food, medical bills, medicine, walks, pet-sitting, and a loving, healthy commitment. Pet parents must dedicate every day of their life to ensuring the health and safety of these pets and other species of animals. No matter their work schedule, health status, financial or personal situation, they remain dedicated. Individuals, married couples, and partners generously and sincerely take on the role of caregiver to these wonderful additions to the household as if they are their own children. And for so many single or retired people, their pet may be their only immediate family.
According to a survey by the American Pet Products Association (APPA), a staggering two-thirds of U.S. households have a pet. The 2019-2020 APPA National Pet Owners Survey Statistics shows 67% or around 84.9 million homes care for a pet. Many Millennials (ages 18 to 39) who aren't ready or can't afford to have babies choose to start their families with a beloved dog or cat. Others are content just having fur babies. A 2018 survey by TD Ameritrade, shows 7 in 10 Millennials have a pet. More than half or 56% own a dog while more than a third or 36% care for a cat. Based on 2019 stats by market research firm Packaged Facts, around 64% of Generation X (ages 40 to 54) own pets. Meanwhile, the report shows 54% of Baby Boomers (ages 55 to 74) have a pet. Of that group, dog owners are likely to hang on to their 4-legged companion as they age.
SPENDING
According to the APPA, pet industry spending is rising each year and is at an all-time high. Expenditures include pet food, supplies, live animals, medicine, vet care, apparel, other products and services like insurance, grooming, pet sitting and walking. There has been continuing annual growth among all market segments. In 2019, the APPA says $95.7 billion was spent on pets in the U.S. This year, the figure is expected to reach an all-time high of $99 billion. That number is expected to keep rising with the newer generations of pet owners. Essentials like pet food and veterinarian care make up a large portion of this amount. According to the APPA survey, some of the average basic annual expenses for dog owners include more than $700 for food, treats and vitamins and $638 for vet visits. Cat owners also have comparable bills. If the pet has a health emergency, medical expenses can be overwhelming to the pet parent. They can quickly reach hundreds of dollars, if not thousands. Many new pet owners often underestimate the costs of caring for a pet. According to research by TD Ameritrade, 40% of Millennial pet owners found out having a pet was more expensive than they originally anticipated.
ECONOMY BOOSTER
There are millions of younger adult pet owners that have yet to reach their highest earning capacity. They are apt to spend significantly on products and services for their pets. With rising consumer spending on pets, comes more job creation and tax revenue. Overall, the pet industry has proven over and over again to be recession-proof.
According to Ziprecruiter.com in 2020, pet-related jobs in the U.S. have a salary range from $17,500 to $83,500. On the site, the average position pays $44,704 per year. There are also many types of long-term careers and temp jobs including veterinarian medicine, pet training, walking, grooming, boarding, and product sales. There are tens of thousands of job openings across the industry. And though there has been pet-related job loss due to the pandemic, there will be a consistent demand for new hires as conditions improve.
State and local governments collect noteworthy revenue from pet retail sales taxes. And as online tax rules expand across the states and e-commerce grows rapidly, revenue will only benefit government programs.
HEALTH BOOSTER
According to research published in Scientific Reports, owning a dog is linked to living a longer life. Researchers at Uppsala University in Sweden focused on more than 3.4 million dog-owners for over a decade. They found owners had a lower risk of death due to cardiovascular disease and other causes than those who do not own dogs. The study also found people who lived alone with a dog had a significantly reduced risk of death from cardiovascular disease and other causes than single non-owners.
Other studies show growing up with a dog can decrease allergies and the potential for asthma in children. There is also research that having a furry family member helps them develop positive relationships. A recent study from the University of Western Australia and Telethon Kids Institute interviewed 1,646 parents of children between the ages of 2 and 5. Less than half or 42% of those polled had dogs. The report showed kids engaged with dogs were less likely to have issues with personal conduct and peers. They were also more likely to share and cooperate. Having a family pet can also mean shared responsibilities. Lessons on caring for another being can be learned early on. And usually, there is more exercise like walking and playing guaranteed for all members of households with pets like dogs.
SENSE OF COMMUNITY
Finally, companion animals help induce a sense of community. As a dog-mother, I cannot even count how many neighbors and strangers I have had conversations with just because of our furry son Teddy. There is an understanding many times between owners and an instant connection that sometimes evolves into friendships or just community members helping each other and saying "hello." Many children have run up to us with a big smile on their faces because they want to pet Teddy. So many people connect on social media based on their love of pets and animals in general. Online users come together to celebrate and save animals.
GOOD DEEDS
Just like a charitable contribution, the act of saving and raising a pet is simply a good deed, that many times, is unrewarded. Additionally, there are millions of animals across the country that need to be rescued or risk being euthanized or dying from neglect. According to Statistic Brain Research Institute, well over half of dogs and cats in shelters are euthanized. The firm also found that it costs taxpayers $2 billion annually to round up, house, kill and dispose of homeless animals.
TAX DEDUCTION OR CREDIT
When it comes to figuring out what the tax credit or deduction should be, it should be based on numbers and proof of care. To help the IRS keep track of the furbabies, microchip reference numbers could be used like social security numbers are for individuals. Pet-related tax incentives should not just be allowed for a person’s medical reasons, breeders, fosters, business reasons, law enforcement, and moving expenses. It should be based on how many pets individuals or couples have at home. How much do they spend annually and how much time do they give to the pets for a walk or playtime instead of going out, working, or just sitting on the couch. And it is important to show proof of adequate health care with vet bills/receipts, etc. On average, we (Teddy’s parents) spend at least several thousand dollars a year on food, vet checkups, Heart Guard, Frontline, shots, the occasional need for dog walkers. Our walking times jointly can add up to 60 minutes to 80 min a day. Teddy is a senior dog with more health issues than the average younger dog. Last year, his bills rang up to around $15,000. And we believe we take very good care of him. Child tax credits can be $1,000 per dependent. I say for these furry dependents, we seriously consider a minimum tax credit of $500 per pet. Financial strain is one of the leading causes of owners having to surrender their beloved pets.
885
The Issue
All responsible, caring U.S. pet-owning taxpayers should be able to receive a Pet Tax Credit or Deductions to reduce their bills. Having a pet requires a significant amount of time, love, and money. During this period of high inflation and massive animal ownership, pet parents face even more financial challenges covering expenses while selflessly already caring for and taking in animals. Meanwhile, the pet industry still provides major economy and health boosters. This market segment continuously proves to withstand economic hardships seen globally and continues to get stronger. And simply, the act of adopting or fostering a fur baby does so much good for our society.
TIME, COMMITMENT & LOVE
The number of pets, namely dogs and cats, being rescued, adopted and fostered is rapidly rising. The number of adoptions and purchases were already increasing prior to the pandemic. But during the COVID-19 outbreak, so many Americans have been working remotely giving them more flexibility to care for pets. These people chose to do more for others instead of themselves. With the additional furry family member, comes a new set of responsibilities including daily expenses like food, medical bills, medicine, walks, pet-sitting, and a loving, healthy commitment. Pet parents must dedicate every day of their life to ensuring the health and safety of these pets and other species of animals. No matter their work schedule, health status, financial or personal situation, they remain dedicated. Individuals, married couples, and partners generously and sincerely take on the role of caregiver to these wonderful additions to the household as if they are their own children. And for so many single or retired people, their pet may be their only immediate family.
According to a survey by the American Pet Products Association (APPA), a staggering two-thirds of U.S. households have a pet. The 2019-2020 APPA National Pet Owners Survey Statistics shows 67% or around 84.9 million homes care for a pet. Many Millennials (ages 18 to 39) who aren't ready or can't afford to have babies choose to start their families with a beloved dog or cat. Others are content just having fur babies. A 2018 survey by TD Ameritrade, shows 7 in 10 Millennials have a pet. More than half or 56% own a dog while more than a third or 36% care for a cat. Based on 2019 stats by market research firm Packaged Facts, around 64% of Generation X (ages 40 to 54) own pets. Meanwhile, the report shows 54% of Baby Boomers (ages 55 to 74) have a pet. Of that group, dog owners are likely to hang on to their 4-legged companion as they age.
SPENDING
According to the APPA, pet industry spending is rising each year and is at an all-time high. Expenditures include pet food, supplies, live animals, medicine, vet care, apparel, other products and services like insurance, grooming, pet sitting and walking. There has been continuing annual growth among all market segments. In 2019, the APPA says $95.7 billion was spent on pets in the U.S. This year, the figure is expected to reach an all-time high of $99 billion. That number is expected to keep rising with the newer generations of pet owners. Essentials like pet food and veterinarian care make up a large portion of this amount. According to the APPA survey, some of the average basic annual expenses for dog owners include more than $700 for food, treats and vitamins and $638 for vet visits. Cat owners also have comparable bills. If the pet has a health emergency, medical expenses can be overwhelming to the pet parent. They can quickly reach hundreds of dollars, if not thousands. Many new pet owners often underestimate the costs of caring for a pet. According to research by TD Ameritrade, 40% of Millennial pet owners found out having a pet was more expensive than they originally anticipated.
ECONOMY BOOSTER
There are millions of younger adult pet owners that have yet to reach their highest earning capacity. They are apt to spend significantly on products and services for their pets. With rising consumer spending on pets, comes more job creation and tax revenue. Overall, the pet industry has proven over and over again to be recession-proof.
According to Ziprecruiter.com in 2020, pet-related jobs in the U.S. have a salary range from $17,500 to $83,500. On the site, the average position pays $44,704 per year. There are also many types of long-term careers and temp jobs including veterinarian medicine, pet training, walking, grooming, boarding, and product sales. There are tens of thousands of job openings across the industry. And though there has been pet-related job loss due to the pandemic, there will be a consistent demand for new hires as conditions improve.
State and local governments collect noteworthy revenue from pet retail sales taxes. And as online tax rules expand across the states and e-commerce grows rapidly, revenue will only benefit government programs.
HEALTH BOOSTER
According to research published in Scientific Reports, owning a dog is linked to living a longer life. Researchers at Uppsala University in Sweden focused on more than 3.4 million dog-owners for over a decade. They found owners had a lower risk of death due to cardiovascular disease and other causes than those who do not own dogs. The study also found people who lived alone with a dog had a significantly reduced risk of death from cardiovascular disease and other causes than single non-owners.
Other studies show growing up with a dog can decrease allergies and the potential for asthma in children. There is also research that having a furry family member helps them develop positive relationships. A recent study from the University of Western Australia and Telethon Kids Institute interviewed 1,646 parents of children between the ages of 2 and 5. Less than half or 42% of those polled had dogs. The report showed kids engaged with dogs were less likely to have issues with personal conduct and peers. They were also more likely to share and cooperate. Having a family pet can also mean shared responsibilities. Lessons on caring for another being can be learned early on. And usually, there is more exercise like walking and playing guaranteed for all members of households with pets like dogs.
SENSE OF COMMUNITY
Finally, companion animals help induce a sense of community. As a dog-mother, I cannot even count how many neighbors and strangers I have had conversations with just because of our furry son Teddy. There is an understanding many times between owners and an instant connection that sometimes evolves into friendships or just community members helping each other and saying "hello." Many children have run up to us with a big smile on their faces because they want to pet Teddy. So many people connect on social media based on their love of pets and animals in general. Online users come together to celebrate and save animals.
GOOD DEEDS
Just like a charitable contribution, the act of saving and raising a pet is simply a good deed, that many times, is unrewarded. Additionally, there are millions of animals across the country that need to be rescued or risk being euthanized or dying from neglect. According to Statistic Brain Research Institute, well over half of dogs and cats in shelters are euthanized. The firm also found that it costs taxpayers $2 billion annually to round up, house, kill and dispose of homeless animals.
TAX DEDUCTION OR CREDIT
When it comes to figuring out what the tax credit or deduction should be, it should be based on numbers and proof of care. To help the IRS keep track of the furbabies, microchip reference numbers could be used like social security numbers are for individuals. Pet-related tax incentives should not just be allowed for a person’s medical reasons, breeders, fosters, business reasons, law enforcement, and moving expenses. It should be based on how many pets individuals or couples have at home. How much do they spend annually and how much time do they give to the pets for a walk or playtime instead of going out, working, or just sitting on the couch. And it is important to show proof of adequate health care with vet bills/receipts, etc. On average, we (Teddy’s parents) spend at least several thousand dollars a year on food, vet checkups, Heart Guard, Frontline, shots, the occasional need for dog walkers. Our walking times jointly can add up to 60 minutes to 80 min a day. Teddy is a senior dog with more health issues than the average younger dog. Last year, his bills rang up to around $15,000. And we believe we take very good care of him. Child tax credits can be $1,000 per dependent. I say for these furry dependents, we seriously consider a minimum tax credit of $500 per pet. Financial strain is one of the leading causes of owners having to surrender their beloved pets.
885
Supporter Voices
Petition created on April 6, 2018