Sheldon Adelson to get $2B tax cut if Romney Elect

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Sheldon Adelson Stands To Get $2 Billion Tax Cut If Mitt Romney Is Elected: Report


The Huffington Post | By Amanda Terkel Posted: 09/11/2012 10:31 am Updated: 09/11/2012 10:55 am


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Casino magnate Sheldon Adelson stands to turn a $100 million investment in the 2012 presidential race into a $2 billion tax cut if Mitt Romney is elected, according to an August 2012 report by the Center for American Progress Action Fund. (AP Photo/Kin Cheung, File)


Casino mogul Sheldon Adelson's backing of GOP presidential candidate Mitt Romney may not just make political sense for the billionaire -- it may also be in his best interest financially.

Adelson has vowed to spend as much as $100 million to help sway the 2012 election. According to a new report by Seth Hanlon, the director of fiscal reform at the Center for American Progress Action Fund, Adelson could turn that investment into a $2 billion tax cut if Romney is elected.

From Hanlon's report on how Romney's tax plan could benefit Adelson:

• Cut top tax rates, saving Adelson approximately $1.5 million on his annual compensation as chief executive of his casino company.
• Maintain the special low rates on dividends, potentially saving Adelson nearly $120 million on a single year’s worth of dividends, more than enough to recoup his politi- cal donations.

• Maintain the special low rates on capital gains, allowing Adelson to make back his political donations in capital gains tax cuts just by selling a fraction of his stock.

• Provide a tax windfall of an estimated $1.2 billion to Adelson’s company, Las Vegas Sands Corp., on untaxed profits from its Asian casinos, as well as a tax exemption forfuture overseas profits. Adelson’s casinos already enjoy a special foreign tax exemp- tion from the Chinese administrative region of Macau, and Gov. Romney would make those foreign profits exempt from U.S. taxes as well.

• Eliminate the estate tax, potentially providing a staggering $8.9 billion windfall to Adelson’s heirs.

[ttt]

Well that sounds fair.

[basilosaurus]

Sept 11, 2012 15:51:49 GMT -5 cjoy said:

Just think of all the jobs he'll be able to create. In Macau.

In his bank account in Cayman, too.

[emisi]

Now that's what I call a return on investment.

[secretlyevil]

Sept 11, 2012 16:14:44 GMT -5 emisi said:

Now that's what I call a return on investment.

Uh huh