Photograph by Victor J. Blue/The New York Times via Redux

A Guide to Mitt Romney's Tax Breaks

  1. Rafalca


    This is no hobby horse. Ann and Mitt Romney classified their Olympic dressage contender, Rafalca, as a business in 2010 (the one income tax-year filing Romney has made public). Of its more than $77,000 in losses, though, the Romneys were only able to take a deduction of $50.

    Photograph by Victor J. Blue/The New York Times via Redux
  2. Speeches


    Romney’s GOP primary rivals attacked him as hopelessly out of touch with regular Americans for saying that his earnings from speaking fees were “not very much.” In 2010 his income from speeches and book promos was $528,871, of which he wrote off $39,756 as expenses.

  3. Capital Gains

    Capital Gains

    Romney reportedly advised his eldest son, Tagg (right), and his campaign fundraiser Spencer Zwick (left) as they were starting up a private equity fund known as Solamere Capital. Romney also became an investor in the fund (named for an affluent area in Utah’s Deer Valley, where the Romneys had a home). In 2010 he took a loss of $63,511 against long-term capital gains from selling shares in Solamere.

    Photographs by Aaron P. Bernstein/The New York Times via Redux and Mary Altaffer/AP PHoto
  4. Offshore Taxes

    Offshore Taxes

    Romney’s offshore investments, including an account in the Cayman Islands, span the globe. For paying taxes to various foreign governments in 2010, he received a tax credit in the U.S. of $129,697.

    Photograph by Marco Moretti / Anzenberger/Redux
  5. Mega-Mansions


    Romney’s real estate portfolio reportedly includes a Belmont (Mass.) townhouse; a Spanish-style villa in La Jolla, Calif., that’s been slated to undergo a major rehab replete with a car elevator; and a lakefront estate (pictured) in Wolfeboro, N.H. In 2010, Romney wrote off $226,356 in real estate taxes.

    Photograph by Charles Dharapak /AP Photo
  6. Income Taxes

    Income Taxes

    Romney declares residency in Massachusetts, the state he governed from 2002-2006. He received a 2010 deduction of $672,444 for state income taxes.

    Photograph by Travelpix Ltd/Getty Images
  7. Charity


    Through a nonprofit called the Tyler Foundation, of which they’re the sole funders, the Romneys give money to various causes, including Brigham Young University, the Dana Farber Cancer Institute, and the George W. Bush Library. Transferring Domino’s Pizza stock to the foundation in 2010 produced a write-off of $1.3 million.

    Photograph by Newscast /eyevine/Redux
  8. The Mormon Church

    The Mormon Church

    In keeping with Mormon tradition, the Romneys tithe a portion of their income to the Church of Jesus Christ of Latter-day Saints. In 2010 they took a $1.5 million deduction for gifts to the church.

    Photograph by George Frey/Bloomberg