The Mitt Romney Tax Break Guide

Businessweek:

This is no hobby horse. Ann and Mitt Romney classified their Olympic dressage contender, Rafalca, as a business in 2010 (the one income tax-year filing Romney has made public). Of its more than $77,000 in losses, though, the Romneys were only able to take a deduction of $50.

Read the whole story at Businessweek

Comments

[glockenspiel323]

03:19 PM on 08/11/2012

Rafalca as a business, if that business is a corporation, that would make Rafalca a person. But that person is totally dependent on other persons, (I wonder how many persons {and at what cost} it takes to service that one person/corporation?) That seems it would be a losing proposition, and a supposedly good business man like Mitt can't see that one coming.

[JAFH]

06:42 PM on 08/02/2012

That President Obama and Vice President Biden have each released 12 years of tax returns while Romney has released, at best, one, says all that needs to be said about the decency and transparency of the President and his VP and Romney's unwillingness to come clean with the American people. Romney can't be trusted, and his flip-flopping on almost every conceivable issue he has ever addressed over his years in the public eye continues to show him a shady guy. One certainly can't trust his motives for running for the presidency in the first place when his economic model is a radical form of trickle-down economics. When trickle-down is the economic policy, income inequality worsens, so the prosperity doesn't really trickle down at all. Romney personally benefits from such an economic policy because it makes the rich richer. Maybe that's why he's running for the presidency in the first place. Only chumps and the rich will vote for him.

[pciorlandosales]

10:30 PM on 08/01/2012

OK so let me get this right. Please correct me if I am wrong here.

This financial Wall Street genius buys a horse. If he would have shot the horse on the day he bought it, he would have been better off financially? Does this sound like someone you want to be President? It's a wonder Bain Capital survived his time spent with them. Lord knows Mass. did not fair any better than the horse in this story, after Mitt.

[rvdriver2]

09:54 PM on 08/01/2012

So what Romney is rich rolling? when did that become a bad thing lol- Obama has made millions on his real estate transactions and book sales- yet does he stop that? The hypocrisy and LACK of intellect in liberal thought would be hilarious if it wasnt so serious

[Marie Ruley]

10:18 PM on 08/01/2012

Obama has made millions and yet is calling for a break for the middle-class while people like himself pay more. Romney is calling for the middle-class to make more sacrifices while he gets a bigger break.

Not all wealthy are bad. Just the kind like Romney.

If you don't understand the difference, then I guess you should not be attacking other people's intellect.

[rvdriver2]

10:19 PM on 08/01/2012

Have you ever gotten a job from a "poor person?" wise up- or shut up

[mauler]

10:38 PM on 08/01/2012

The prob is not romney being rich. The prob is he cant relate to anyone other than his super rich country club pals.

[rvdriver2]

10:40 PM on 08/01/2012

Lol as that is now the main talking point of libbys- if he can/ and will get people back to work, nobody cares about such a hilariously, feeble arguement

[kennsabe]

08:43 PM on 08/01/2012

ONLY A $50 TAX LOSS FOR THE DANCING HORSE!

Jeez

Mtit can change those tax laws when he becomes Prezident. Increase deductions for dancing horses, and take money out of meals on wheels for the old folks to pay for it.

Everyone sacrafices a little - the rich none. Republican fairness on parade = represented by the dancing horse.

[hopeseeker]

08:42 PM on 08/01/2012

Where do I list beer drinking...um, tasting...as a business? I taste beer so I can offer valuable advice to my neighbor. My latest review was short but appreciated: "This beer needs to go through the horse one more time."

[liquidwallpaper]

08:24 PM on 08/01/2012

It is just like the commercials that the Obama campaign said. He made 20 Million dollars and was able to write off enough that be paid the IRS exactly what a couple that made 70 thousand dollars a year made. It showed money in the Caymand Islands and Swiss banks. For someone that wants to be president he sure doesn't believe enough in his country to invest here. That is what he allowed us to see, what didn't he show us in the rest of his returns? It is like the commerical said he isn't the solution, he is the problem with what is wrong with America.

[usa1alltheway]

09:03 PM on 08/01/2012

No, its still your president Obama!

[bill555]

09:25 PM on 08/01/2012

Okay, explain how so. Let's hear your reasons.

[rockymtnleather]

09:08 PM on 08/01/2012

What he's NOT showing us ... is ten years of paying absolutely NO TAXES at all on all of the income generated by his quarter of a billion dollars. Plus, for the ONE YEAR he is divulging ... how EXACTLY is it, that a horse can loose $77,000 dollars? That must make ranchers feel real nice ... finding out that they could have been writing off $77,000 per year per horse ... if only they would finagle their taxes the way mittens apparently does. Would be nice to know if it's all legal.

[syllable]

09:11 PM on 09/02/2012

The Romney's probably did lose $77,000 on their horse. Transportation costs alone would be costly. That's not the issue. The issue is that Romney is not showing us his tax returns, yet he asks us to trust him and vote for him. He talks about Deserving this and Deserving that which seems to me to be another word for feeling Entitled. And his actions suggest that's exactly how he feels: Entitled. And that is
worrisome.

[studioh!]

07:29 PM on 08/01/2012

pay up or shut up.

[billsauto4u]

05:48 PM on 08/01/2012

I don't mind him being successful. I just don't want him to succeed in stealing social security , and medicare, and my grandchildren's education..

[usa1alltheway]

09:05 PM on 08/01/2012

Then you better vote for Romney as Obama has so many people blinded that if re-elected he will take all your tax money for health care and the GSA as we just found out that they spent $30 million more on Bonuses after Obama told them to stop the spending.

Yes, he has control of his government.

They spend and laugh behind his back.

[bastalready]

05:47 PM on 08/01/2012

It is titled "Me,Me Me"

[TakeThePen]

05:47 PM on 08/01/2012

Did he break any laws?

[studioh!]

07:29 PM on 08/01/2012

the law of gravitas

[dawnec1957]

09:26 PM on 08/01/2012

The law of being a Patriot to his "Beloved Country"....At least we won't have to see (Country First) bumper sticker this time around for the Republicans........

[ryker88]

10:03 PM on 08/01/2012

F&F! Good one!

[TakeThePen]

05:32 AM on 08/02/2012

Handing over your money to an out of control government who will make it disappear like David Copperfield. That is not Patriotic as far as I'm concerned

[harleypup115]

05:47 PM on 08/01/2012

You're an idiot if you think Romney would be a good president, and an idiot if you think Obama is a good president.

[wsdave]

05:57 PM on 08/01/2012

I guess that means I'm not an idiot.

[harleypup115]

12:42 AM on 08/02/2012

But at least I wasn't abusive or insulting :P

[davesright]

05:44 PM on 08/01/2012

stupid liberals dont know how to take advantage of the tax code and want to give someone who created several jobs for people who dont have a ss#s a hard time this country was founded on slavery and these liberials are always trying to find fault in slaves of labor that make this country the richest in the world.

[SerendipitousLib]

07:00 PM on 08/01/2012

Not all liberals are stupid. Some of us live and breathe tax code. What you don't seem to get is that it doesn't have to be illegal to be politically damning. Imagine Joe Bloke with his 25K annual income plus $2500 in taxes staring at Mitt's 10 years of zero on gazillians? Ya think even the dimmest star in the voting populace might awaken to the fact that THE tax code you are screaming about is heavily swayed in favor of the rich??? Those are sleeping eyes Mitt doesn't want to open.

[zooks1]

07:37 PM on 08/01/2012

Why dont you tell everyone which democrat wrote the tax cose and what Charlie Rangel's job has been over the last 40 years. I paid a effective rate of 26%, my boss paid close to 36%. My employees pay about 12%. Three generations of poor,uneducated dem voters who cost the taxpayer the most pay nothing, and you think those that pay the most taxes are the problem. If not for wall st the rich and their taxes propping up NYC and the nation , this place would resemble Detroit

[Marie Ruley]

10:08 PM on 08/01/2012

You're joking, right?

[John Shuck]

05:40 PM on 08/01/2012

What do you expect from a guy who never, ever pays his fair share to his country? That is why he cannot release those tax returns from his Bain days. He would be well and truly outed...

[ryker88]

10:05 PM on 08/01/2012

And no one in the Romney family has ever served in the military. And when things got rough his family moved to Mexico rather than obey the law.

[hoosierladyus48]

05:35 PM on 08/01/2012

Romney is just like Chris Christi. Christi claimed he owned a farm, but in all actuallity, he had ONE goat.

[TakeThePen]

05:49 PM on 08/01/2012

Did the break any laws? I would do anything legal to keep this government away from my money. Look at what they do with it. You want to give it to them? I'd rather everybody kept as much away from the government as humanly possible.

[pciorlandosales]

06:06 PM on 08/01/2012

Where have you been? LOL That's exactly why we are in the economic mess we are in. It's perfectly good and well that you want to keep your freedoms. Then it should all good and well that you help the country that has made those freedoms possible. Tax rates are at a 50 year low. Bush tax cuts where supposed to put more money in the hands of the job creators. Where are the jobs? Corporate profits above pre recession levels. Stock market reaching record highs. Still no jobs? Loopholes that allow companies like Apple to set up a dummy office in Nevada to legally avoid paying 3 mil in taxes. Say goodbye to the Bush tax cuts. They are going ... going ... gone!

[CaptainRenault]

07:37 PM on 08/01/2012

It's kind of hard to tell since he is hiding so much about his income between off shore tax havens and not releasing his returnbs.
^ ^