Mitt Romney's Unintentionally Hilarious Tax Return FAQ

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http://www.businessinsider.com/mitt-romneys-hilarious-tax-return-faq-2012-9


What's really going on in the Caymans?

Unless you've been in a coma, you have certainly heard about Mitt Romney's release of his 2011 tax returns last Friday. You no doubt now that he and his wife did not claim all the charitable tax deductions they were due, so their tax rate would not go below 13% of adjusted gross income.

If you read Bloomberg or a newspaper that picked up the Bloomberg story, you know that Rafalca, the Romneys' dressage horse, has disappeared from their 2011 tax deductions. This, of course, raises the question of whether it was a legitimate deduction in 2010 (or earlier?).

After all, being in the Olympics probably raisedthe mare's value, making the profit motive necessary for an allowable business deduction more plausible. So why would Rafalca not be eligible to deduct in 2011 if she were eligible in 2010 and probably gained value?

But have you read the Frequently Asked Questions page the Romney campaign put up about the 2011 returns and the PricewaterhouseCoopers (PwC) summary of the Romneys' 1990-2009 taxes? You should, for the humor value, if nothing else.


Read more: http://middleclasspoliticaleconomist.blogspot.com/2012/09/mitt-romneys-unintentionally-hilarious.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+blogspot%2FmoiCu+%28Middle+Class+Political+Economist%29&utm_content=Google+Reader#ixzz27aCnCCFP