Huey Long used to say: “Them that backs me in the primary gets the jobs; them that backs me in the general, gets good guvmint.” Casino mogul Sheldon Adelson understands that line of thought. The uber-billionaire declared his intention to give a $100 million to Romney’s presidential campaign—he’s already kicked in $36 million to GOP super PACs. And, if his bet is good, he stands to recover substantially. According to the Center for American Progress, Adelson could benefit to the tune of $2 billion during Romney’s first term in office.
True, Romney’s tax plan is nebulous, but from what little we know, here’s how Adelson would benefit according to the report:
A cut in top tax rates would save Adelson approximately $1.5 million on his annual compensation as CEO of his casino company.
Tax windfalls would bring 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 for future overseas profits. Adelson’s casinos already enjoy a special foreign tax exemption from the Chinese government and Romney would make those foreign profits exempt from U.S. taxes as well.
Lower dividend rates could save Adelson nearly $120 million on just a year’s dividends.
Low rates on capital gains, would allow Adelson to recover his political donations just by selling a portion of his stock.
- Elimination of the estate tax would potentially give a whopping $8.9 billion windfall to the heirs of the 79-year-old Adelson.
No doubt about it, Adelson is making a bet that could pay off big. With a Romney presidency, he gets the big bucks; the rest of us don’t even get “good guvmint.”