On the face of it, it seems absurd: In 2010 Mitt and Ann Romney deducted $77,731 for maintenance and upkeep on their dressage horse, Rafalca. The expenses that the Romneys deduct for keeping one horse is nearly twice as large as the GROSS income of the average American family. C’mon, what does that horse eat for dinner?
Not so fast, Pod’ner!! The Romney’s tax return DOES show a $77,731 income loss. BUT look further: after the DISALLOWED loss (Form 8582) the ALLOWABLE loss is $50. Take THAT, Class Warrior!
Furthermore Ann Romney has Multiple Sclerosis. Working with trained horses (called hippotherapy) has a therapeutic effect for people with M.S. This is an established therapeutic practice. You can buy supplemental health insurance to cover hippotherapy.
Okay, okay..sorry....that seems fair....Hey! Wait a minute!
You can board a horse very comfortably for $5,000 a year. Or if you prefer, there are numerous equestrian academies providing hippotherapy that are much closer to the Romney’s home in La Jolla than Moorpark, where Rafalca lives. Those facilities will provide more than enough therapy sessions for a couple of thousand dollars a year.
Some wealthy people board their horses at these riding academies specifically to allow people whose incomes would not enable them to do so to reap the benefits of hippotherapy.
The Romney’s horse is owned by Rob Ron Enterprises, LLC
, incorporated in Maryland. The horse lives on ‘The Acres’ the ranch in Moorpark, California co-owned (In a corporation of course) by Ann Romney and Amy Roberts Ebeling. Not bad: Two corporations for one horse! Corporations are people AND horses, my friend!
And that DISALLOWED tax loss? The tax code lets you carry it forward to offset income in future years. Now that Rafalca is an Olympic Athlete,, her owners could be paid quite handsomely for Rafalca’s services as a sperm bank! 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.
Just think! Rafalca could be used to make other Olympic dressage horses! And the Romneys could make a profit! Cheer up Romneys! America is a wonderful country!
And now! Just in time for the Olympics! Get your very own Rafalca T-Shirt!
And a PERCENTAGE of the proceeds will benefit Theraputic Riding! What generosity!
And if that horse wins a medal...won't your heart swell with pride knowing that's an AMERICAN horse, doing AMERCAN steps, wearing AMERICAN braids, and enjoying an AMERICAN tax break. What better ambassador could we have to the world!