Billionaire Sheldon Adelson may not love Mitt Romney, but he loves the $2 billion tax break he stands to get with a Republican in the White House. That’s why he has willingly put $100 million into the campaign of a man he doesn’t seem to care for.
According to a report issued on Tuesday by the Center For American Progress Action Fund, Adelson could reap this amazing tax windfall over the four years of a new GOP administration. Although not all of Adelson’s financial picture is public, and much of Romney’s tax plan is vague, the Center estimates, from what is known, that the tax benefit would come from the following areas:
- Cutting the top tax rates.
- Keeping the current low rates on dividends (which his companies have to pay)
- Keeping the current low rate on capital gains (meaning larger profits on sale of stocks)
- Giving a tax windfall to Adelson’s company, Las Vegas Sands Corp., on untaxed casino profits in Asia, plus by granting an exemption to taxation of future overseas profits.
- Eliminating the estsate tax, which would benefit Adelson’s heirs for years to come.
It’s no wonder Adelson has done a major turnaround on candidate Romney. In March, when the billionaire was pouring money into Newt Gingrich’s campaign, he said, “The problem with Romney–he’s not the bold decision-maker like Newt Gingrich is…Every time I talk to [Romney] he says, ‘Well, let me think about it.’” But he knows Obama would not only think over any proposals to further line Adelson’s pockets, but refuse to enact them, so what’s a rich guy to do? Considering that his investment of $100 million is a tiny fraction of what he stands to gain, the answer is a no-brainer: hold his nose and do whatever it takes to get this particular Republican elected.
Oh, and just in case you missed it, that includes the illegal act of raising campaign funds from foreign nationals–meaning, this summer’s fundraisers in Israel where Adelson connected Romney with wealthy foreign donors. One hundred million dollars? Pocket change!