Former Obama economic adviser Austan Goolsbee asserted on Sunday that Republicans "would classify Mitt Romney's horse as a small business" if they thought it would help them convince Americans that taxes shouldn't be raised on the wealthy.
August 19, 2012

Former Obama economic adviser Austan Goolsbee asserted on Sunday that Republicans "would classify Mitt Romney's horse as a small business" if they thought it would help them convince Americans that taxes shouldn't be raised on the wealthy.

During an ABC News discussion about the federal deficit, The Wall Street Journal's Kimberly Strassel argued that the 3 percent of small businesses that would be impacted by ending the Bush-era tax cuts for the richest Americans were actually the "most important and productive business generators in the country."

"Republicans talk about small businesses like you want them to think about mom-and-pops [shops]," Rep. Chris Van Hollen (D-MD) explained, adding that Republicans would classify Bain Capital -- the firm presumptive Republican presidential nominee Mitt Romney founded -- as a small business.

"They would classify Mitt Romney's horse as a small business," Goolsbee interrupted.

"It's true!" Van Hollen agreed. "Hedge fund owners, Fortune 100 companies all come under this rubric of small business."

Earlier this month, Ann Romney’s dressage horse, Rafalca, competed in the 2012 London Olympics.

In 2010, the Romneys took more tax deductions on their horses than most Americans earn in a year. According to The New York Times, the couple “declared a loss of $77,000 on their 2010 tax returns for the share in the care and feeding of Rafalca.”

Census Bureau statistics show that the mean yearly per capita income for individuals in the U.S. between 2006 and 2010 was $27,334.

Republican vice presidential candidate Paul Ryan suggested on Friday that Romney's background was "starting small businesses."

Can you help us out?

For 17 years we have been exposing Washington lies and untangling media deceit, but now Facebook is drowning us in an ocean of right wing lies. Please give a one-time or recurring donation, or buy a year's subscription for an ad-free experience. Thank you.

Discussion

We are currently migrating to Disqus

On May 14, 2022, we started migrating our comments from Insticator back to Disqus. During this transition period, some posts will have Insticator and some Disqus. For more information on the transition, as well as information regarding old C&L accounts, please see this post.


We welcome relevant, respectful comments. Any comments that are sexist or in any other way deemed hateful by our staff will be deleted and constitute grounds for a ban from posting on the site. Please refer to our Terms of Service for information on our posting policy.