tagged w/ Ann Romney has a tax deductible horse
Dancing Romney horsie costs cannot be used to offset other business gains! What a relief. But the upkeep on said hobby horse can be deferred to another year's tax figures.
"[T]he tax code lets you carry disallowed hobby losses forward to offset hobby income in future years. Now that the Romneys' horse is an Olympian, his owners could presumably be paid quite handsomely for his services at the stud farm. Consequently, Mitt and Ann may soon have some income that they actually can use that nearly $78,000 loss to offset--i.e. finally getting the tax deduction that they're taking the heat for today."
I feel so much better. The Romney's can't deduct that whopping big horse care bill until the horse actually makes some money.
Wait, how old is that horse? How many years worth of deferred deductions is that pony racking up?
"I think if Romney's taking heat for anything it's simply that in his own tax policy documents he's making big assumptions about the possibility of cutting tax rates and eliminating tax deductions, without saying much about which kinds of deductions he wants to eliminate. Is something like forward carrying of horse-related expenses the kind of thing he would want to eliminate, or would that count as a burdensome tax on job-creating investment and capital formation?"
OK, so maybe I don't feel THAT much better.
Just what loopholes DOES horse daddy plan to close when he lowers his taxes while raising the tax burden on the working poor? Guess we just have to trust him. Pretty sure he'll do what's in the best interest..... of somebody.Dancing Romney horsie costs cannot be used to offset other business gains! What a... more
And the horse is also jointly owned by two other women, so I wonder if THEY got that sort of deduction for that horse's upkeep.
$77,000 is a whole lot more than the median income of working people in America. No wonder Romney wants to raise taxes on the least of us. He hasn't got a clue what people are living on in this country. Either that or Ann wants another horse and Mitt needs more tax cuts to pay for it.
Always wondered how people afford to keep horses. Now I find out the most expensive ones are deductible. WTF?
When I get around to getting another dog, I'm getting a TALL one. Naming it Secraseabiscuitbaro.
We can't spend $$ on fixing infrastructure, which would create jobs for workers who pay taxes, but we can give tax breaks for fancy horses so rich women without jobs can have something to do?
NO!And the horse is also jointly owned by two other women, so I wonder if THEY got that... more