A $2 BILLION Jackpot

Romney Plan: Billions in Tax Cuts for GOP’s Largest Donor

There’s a bevy of right-wing billionaires underwriting the Republican election effort, but the spending of one far outpaces the others. Casino magnate Sheldon Adelson has contributed more than $36 MILLION to various Republican Super PACs and has pledged to spend $100 MILLION in order to defeat President Obama and elect Mitt Romney.

While $100 MILLION is a lot of money, it’s nothing compared to what Adelson stands to gain as a result of Mitt Romney’s tax policies. A new analysis out today finds that in just the four years of a Romney administration, Adelson could get a whopping $2.3 BILLION tax cut. That represents an astounding 2,200 percent return on his investment in Mitt Romney.

ThinkProgress’ Travis Waldron explains how Romney’s policies would potentially slash Adelson’s taxes:

• 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 political 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 for future overseas profits. Adelson’s casinos already enjoy a special foreign tax exemption 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.

Romney’s corporate tax reforms would also provide Adelson’s casino company approximately$1.2 billion in tax breaks on overseas profits and $565 million from Romney’s proposed shift to a territorial tax system. Adelson’s share of that, the report says, would be upward of $900 million, nine times what he pledged to spend to get Romney to the White House.

BOTTOM LINE: Under Mitt Romney’s plan, middle class families would pay more so millionaires like Mitt Romney and billionaires like Sheldon Adelson could pay even less.

Evening Brief: Important Stories That You May Have Missed

Democrats’ big advantage on foreign policy.

How the Bush administration dropped the ball in the months before 9/11.

Why Romney and Ryan are losing.

Dick Cheney smeared the president on 9/11.

Romney’s economic plan puts tens of millions at higher risk of poverty.

President Obama appointed twice as many women judges in one term as Bush did in two.

Romney is under fire — from Republicans.

The ThinkProgress guide to fall television.

Chris Brown: still awful.


The positions of American Progress, and our policy experts, are independent, and the findings and conclusions presented are those of American Progress alone. A full list of supporters is available here. American Progress would like to acknowledge the many generous supporters who make our work possible.


Advocacy Team