Romney and the Olympics

[RecycleMichael]

Mitt Romney claims he saved the 2002 Olympic Games. He fails to mention that what he did was to get $1.3 billion in federal money to bailout the most expensive Olympic games ever held.

Now his wife owns a horse that will compete in the 2012 games. It turns out that they used to horse to avoid paying taxes. In 2010 they wrote off $77,000 in expenses to care for the horse.

The Olympic games are seen on TV by most of us because tickets to events can cost hundreds of dollars. In 2002, they sold 1.525 million tickets. The U.S. government subsidy turned out to be $825 per ticket. Of course, the Olympics were successful, we taxpayers subsidized it for the rich to attend.

$77,000 loss in one year on a horse? The mean average U.S. wages for 2010 was $26,000. They lost the same amount of money on a horse in one year than three American workers made.

The Olympic games...paid for by all of us so the rich and powerful can get tax write offs on hobbies.   

[heironymouspasparagus]

Mitt Romney claims he saved the 2002 Olympic Games. He fails to mention that what he did was to get $1.3 billion in federal money to bailout the most expensive Olympic games ever held.

Now his wife owns a horse that will compete in the 2012 games. It turns out that they used to horse to avoid paying taxes. In 2010 they wrote off $77,000 in expenses to care for the horse.

The Olympic games are seen on TV by most of us because tickets to events can cost hundreds of dollars. In 2002, they sold 1.525 million tickets. The U.S. government subsidy turned out to be $825 per ticket. Of course, the Olympics were successful, we taxpayers subsidized it for the rich to attend.

$77,000 loss in one year on a horse? The mean average U.S. wages for 2010 was $26,000. They lost the same amount of money on a horse in one year than three American workers made.

The Olympic games...paid for by all of us so the rich and powerful can get tax write offs on hobbies.   

Can I get an "Amen", here, brother?

Absolutely.

[Hoss]

Mitt Romney claims he saved the 2002 Olympic Games. He fails to mention that what he did was to get $1.3 billion in federal money to bailout the most expensive Olympic games ever held.

Now his wife owns a horse that will compete in the 2012 games. It turns out that they used to horse to avoid paying taxes. In 2010 they wrote off $77,000 in expenses to care for the horse.

The Olympic games are seen on TV by most of us because tickets to events can cost hundreds of dollars. In 2002, they sold 1.525 million tickets. The U.S. government subsidy turned out to be $825 per ticket. Of course, the Olympics were successful, we taxpayers subsidized it for the rich to attend.

$77,000 loss in one year on a horse? The mean average U.S. wages for 2010 was $26,000. They lost the same amount of money on a horse in one year than three American workers made.

The Olympic games...paid for by all of us so the rich and powerful can get tax write offs on hobbies.   

But don't you know?  He creates jobs!

[Gaspar]

Mitt Romney claims he saved the 2002 Olympic Games. He fails to mention that what he did was to get $1.3 billion in federal money to bailout the most expensive Olympic games ever held.

Now his wife owns a horse that will compete in the 2012 games. It turns out that they used to horse to avoid paying taxes. In 2010 they wrote off $77,000 in expenses to care for the horse.

The Olympic games are seen on TV by most of us because tickets to events can cost hundreds of dollars. In 2002, they sold 1.525 million tickets. The U.S. government subsidy turned out to be $825 per ticket. Of course, the Olympics were successful, we taxpayers subsidized it for the rich to attend.

$77,000 loss in one year on a horse? The mean average U.S. wages for 2010 was $26,000. They lost the same amount of money on a horse in one year than three American workers made.

The Olympic games...paid for by all of us so the rich and powerful can get tax write offs on hobbies.    

LOL!  Not a deduction, a loss, and it was a disallowed loss.  The net savings on his taxes that he received as a product of that loss was $49. He paid $4,619,207 in taxes that year.  He overpaid 1,609,441 and was eligible for a refund of that amount.

Here is his tax return.  You can find the deduction on page 151. http://dl.dropbox.com/u/23835520/Romney1040-2010.pdf


Thanks for playing.

[RecycleMichael]

That is your defense?

Fine. His company posted a "loss" of $77,000 on his wife's hobby.

You are right, gaspar. That is much clearer.

[Gaspar]

That is your defense?

Fine. His company posted a "loss" of $77,000 on his wife's hobby.

You are right, gaspar. That is much clearer.

Ugh. That's not his company.  That's his personal 2010 return.  Rob Rom Enterprises is the LLC set up for his wife's horse under his own SSN.  There's nothing seedy here. 

[Hoss]

Ugh. That's not his company.  That's his personal 2010 return.  Rob Rom Enterprises is the LLC set up for his wife's horse under his own SSN.  There's nothing seedy here. 

"These aren't the droids you're looking for..."

[RecycleMichael]

OK. He set up a LLC under his own SSN.

I said it was his company. Are LLC's not companies? I know corporations are people but you say limited liability companies are not companies?

Again, that is your defense?

[erfalf]

There is plenty to go after Romney on, so really this is not a big deal. It is just a way for you to portray him as an out of touch rich dude, as if pretty much every other person running for federal office is not out of touch with the "average American" whatever that means.

[Hoss]

There is plenty to go after Romney on, so really this is not a big deal. It is just a way for you to portray him as an out of touch rich dude, as if pretty much every other person running for federal office is not out of touch with the "average American" whatever that means.

Portray him?

You think betting a fellow debater $10,000 on something during one of the Republican debates doesn't already do that for him?

[erfalf]

In fact, the Olympics (the main point of the thread) should portray him as a government type that can get the funding. I've heard a criticism of Romney being that he only gets the private sector (even though he was a Governor of a significant state?) and doesn't understand how the government machine works.

[erfalf]

Portray him?

You think betting a fellow debater $10,000 on something during one of the Republican debates doesn't already do that for him?

Again though, does it really matter? We crucify those running for political office who have had financial problems in the past, we crucify them for having too much money. What is it going to take to make someone happy?

[Hoss]

In fact, the Olympics (the main point of the thread) should portray him as a government type that can get the funding. I've heard a criticism of Romney being that he only gets the private sector (even though he was a Governor of a significant state?) and doesn't understand how the government machine works.

Right.  So it's ok to suck on the gubmint teat as long as a Republican is doing the sucking.  Got it.

[Hoss]

Again though, does it really matter? We crucify those running for political office who have had financial problems in the past, we crucify them for having too much money. What is it going to take to make someone happy?

Not getting the point?  Perception is everything.  How does the person making minimum wage perceive that statement if he or she is trying to pick a candidate for their best interests?

I know what my answer would be.

[Conan71]

Mitt Romney claims he saved the 2002 Olympic Games. He fails to mention that what he did was to get $1.3 billion in federal money to bailout the most expensive Olympic games ever held.

Now his wife owns a horse that will compete in the 2012 games. It turns out that they used to horse to avoid paying taxes. In 2010 they wrote off $77,000 in expenses to care for the horse.

The Olympic games are seen on TV by most of us because tickets to events can cost hundreds of dollars. In 2002, they sold 1.525 million tickets. The U.S. government subsidy turned out to be $825 per ticket. Of course, the Olympics were successful, we taxpayers subsidized it for the rich to attend.

$77,000 loss in one year on a horse? The mean average U.S. wages for 2010 was $26,000. They lost the same amount of money on a horse in one year than three American workers made.

The Olympic games...paid for by all of us so the rich and powerful can get tax write offs on hobbies.    

That pales in comparison to the $3 billion subsidy given Genital Motors for the Chevy Volt, plus the $7500 subsidy given to the wealthy buyers of Chevy Volts, which may well be $10K now.  I've not followed the story closely as there are so many things to dislike about the Obama administration, it's a bit overwhelming keeping up with all the boners they pull.

President Barack Obama is touting a new series of green-tech subsidies in North Carolina Wednesday, simultaneously trying to goose his prospects in the swing-state and to jump-start his stalled plan to minimize the nation's use of gasoline.

The new subsidies include an expansion of the $7,500 subsidy for the wealthy buyers of the Chevy Volt.

If Congress approves Obama's proposal, the government will be giving $10,000 in taxpayer money to people wealthy enough to buy novel green-tech autos that are powered by batteries or natural-gas.

The new $10,000 credit, according to a White House statement, should "be applied to additional types of technologies, not currently covered."

The average household income of Chevy Volt buyers is $170,000. White House officials did not estimate the total cost to taxpayers of the proposed subsidy, which will also be given by buyers of commercial trucks.

Read more: http://dailycaller.com/2012/03/07/obama-proposes-bumping-chevy-volt-subsidy-up-to-10k/#ixzz1yLgJxRof

I also think you are missing the point on the race horse: The Romneys got a whopping net deduction on their taxes of $49 over the $77,000 in expenses for the horse.  Their horse racing is set up as a business just like anyone else in horse racing.  If the implication is he's trying to cheat his taxes by owning race horses, a $49 tax break isn't very compelling.  In fact it's simply petty sniping.  I can't believe someone went to the trouble to even write about it in the first place.