@Cnewbert
I didn’t say there’s not passionate equine hobbyists who spend plenty on their horses. Of course there is. But hobbyists showing $100,000 horses that are not expensing vet, board, meds, training, grooming, travel, etc. are few. I said a (significant part) of the equine world is used as a “tax haven”. I stand by that. And while eventing/showing/jumping can get pricey, that world doesn’t hold a candle to the thoroughbred industry. I can’t imagine a racing stable thats’s not expensing and depreciating their assets to serve as a tax mitigation strategy for their owners. Heck, I know that in Florida there is no sales tax on horses, no sales tax on boarding, “ag” exemptions make significantly-sized farms virtually property tax-free, and there are others before one even gets into accounting tricks.
I agree that there’s a lot more people who spend a lot more money on horses (and related expenses) than the 400 or so annual buyers of $100,000 ski boats, but the comparison has nuance.
I’m very familiar with last week’s Longines event. A relative jumped in the finals for a European country. In the good ol’ days of skiing (late 80s-90s), tour events routinely drew as many people as were at WEC last week.