Mitt Romney’s Fancy Horse Is Worth More Than Your Entire Family. Seriously.

[DesertRat]

Rafalca, Mitt Romney's frou frou Olympics-bound dressage horse, nets the family a $77,000 tax credit per year. Since Normals who produce mere human children only get a $1,000 tax credit per child, it therefore stands to reason that Rafalca Romney is worth 77 human children. Certainly more than your entire family.

http://jezebel.com/5919987/mitt-romneys-fancy-horse-is-worth-more-than-your-entire-family

[Moonwalk]

1. Well, to be fair....

The horse undoubtedly costs more to feed, care for and house than most kids. Maybe not 77 kids....

By the by, why does it get a tax break?

[SoutherDem]

2. The horse as I understand it is considered a business.

the $77,000 is a business expense.

[DesertRat]

3. I'd love to see that tax return. n/t

[66 dmhlt]

16. You can see and DOWNLOAD a copy of Rmoney's 2010 Income Tax Returns ...

As a PDF here:

http://s3.documentcloud.org/documents/286400/romney-2010-1040.pdf

BUT be PATIENT - it's a 203 page document, and takes a while to load

The horse is owned as a consortium named Rob Rom Enterprises, LLC. And you can view the exact claim for their $77,731 tax deduction on Page 193 of 203.

Here's what you'll be seeing:

[mzmolly]

5. In that case, I wonder if the horse can contribue unlimited amounts to Willard's campaign?

[calimary]

10. So does that mean his horse is a person, too?

[DesertRat]

18. Dancing horses are people too, my friend.

[farmbo]

15. It's only a "business" if it makes money 2 out of 6 years...

...and Romney refuses to release his tax returns which would prove (or disprove) that.

[LiberalFighter]

19. I was wondering how much income the "business" brings in.

[DesertRat]

4. Some of the figures from the article

Did you know that the average family spends a little over $16,000 on housing per year, and Rafalca's housing costs nearly $29,000? That Rafalca's clothing costs $10,000 per year? That the Romneys shell out $15,420 carting him from place to place?

Maybe the Romney's horse is worth more than most people.

[pacalo]

6. Unbelievable. The man has an integrity problem.

He sees no problem with taxpayers having to pay for his horse's high-maintenance upkeep? He should dip into those hidden bank accounts -- he can well afford to pay for it himself. We taxpayers don't live as lavishly as his horse.

[DesertRat]

7. He's completely out-of-touch with the average American

[pacalo]

8. He is CLUELESS, isn't he?

[unc70]

11. Neigh. Whinny. Whinny.

Couldn't help myself. Had to whinge about this.

[indepat]

20. This entire obscenity is

fu*kingly obscene.

[Rhiannon12866]

9. I know people who own horses. I live in a rural area.

I'll have to ask them if they're considered a tax deduction...

[bklyncowgirl]

13. I know my horse ain't. Maybe I should call Mitt and Ann and ask them how they do it.

Now admittedly his expenses are a bit less than Rafalca's. He lives in a field with a run in shed and travels in a rusty stock trailer towed by an ancient pickup--except the pickup died so until I get another he's not going anywhere. I trained him myself--for better or worse--mostly for better. His shoes cost more than mine do--been trying to convince him that barefoot is best but so far he ain't buying it. It all comes out to a couple hundred a month. What can I say, he's part of the family.

I've been trying to figure out how to make some money with him. The chance for the racing thing came and went eight years ago or so--would have cost to much to put him in training anyway. He's a gelding so we're not going to make any money making little horses from him--not that we could sell them in this economy. His show career has been low level--ribbons and the occaisional $20 purse. He's a Thoroughbred--kids pony rides are sort of out--the insurance would kill me. He's smart and does tricks--acting's a possiblity--but so far the only movies I've seen casting calls for thoroughbreds has been Secretariat. No way my humble little dark bay guy was going to play that role--though he could have played Sec's daddy Bold Ruler from whom he's descended on both sides of the family but sadly family friendly Disney did not portray Bold Ruler's part in the story.

The people I know who actually make a living with their horses are hands on trainers, dealers and the occaisional super lucky race horse owner. I don't think Ann Romney falls into that catagory.

I suppose it's all part of the high finance that is discussed in closed rooms among the super elite.

[exboyfil]

12. Someone help me out here

is the horse's upkeep written down against income generated by the horse? If not then how can you claim it as a business expense. Can I claim my two border collies as business expenses since we compete them in agility? Do I need to talk to a good tax attorney?

[exboyfil]

14. From Slate - The $77K deduction is only applied if the horse business

earns income. That seems a bit fairer. Then it becomes just like any other business. You might argue with the ability to hold over losses, but the general concept of revenues and expenses is what business is all about (without it you would not have any investments and no economic system which we have today).


http://www.slate.com/blogs/moneybox/2012/06/16/the_tax_deductibility_of_horse_related_expenses.html

UPDATE: Some clarification here. The loss was over $77,000 but that only generated a $50 tax deduction. It's possible that the deduction will become much more valuable in the future if Rafalca generates fees.

[BEAU1943]

17. Mitt Romney’s Fancy Horse

[img][/img]

[size=11pt]MY REPUBLICAN FRIENDS. LET ME GET THIS RIGHT. THE GUY ON THE LEFT YOU ARE NOT SURE HE IS A TRUE AMERICAN, BUT THE GUY ON THE FAR RIGHT IS A TRUE AMERICAN.

SOMETHING IS ROTTEN TO THE CORE HERE. DRESSAGE??????? YOU'RE GOING TO VOTE FOR WHO?[/size]

http://beauproductions.com/usworld/forum/index.php/topic,1320.#vote

[img][/img][/iurl]

http://beauproductions.com/usworld/forum/index.php/topic,1320.#vote

Click Link to cast your vote

Oh, by the way, Romney does not ride the horse. He just owns it.

[reeds2012]

21. How can GOP supporters like this guy?

Most are poor enough that they should really despise this rich a-hole.

[aint_no_life_nowhere]

22. All those red neck truck drivers and farmers in mid America can't get enough dressage

That's all they talk about as they get together for beer and steaks.

[DCBob]

23. That would make a good political ad.

Even low info voters would understand that.