Oh, the corrupt power of money in politics. A heavy hitter from Las Vegas is reportedly throwing huge sums of money Romney’s way and says he wants to spend up to 100 million big ones. The unstoppable donations this large were made possible through super PACs, compliments of our esteemed Supreme Court, which upheld that corporations have some of the same rights as people. Some of “these people” are on a singular path to purchase themselves a president.
Mind you, money from corporations and the super wealthy is flowing on both sides of the aisles and President Obama has long been accused of being in the pockets of Wall Street and big bank donors like Goldman Sachs and JPMorgan Chase, which gave quite a bit towards his 2008 campaign.
However, this election has brought out the really “big guns” for the Republicans, and one such heavyweight is billionaire casino mogul Sheldon Adelson, whose “gift” of up to $100 million may come with an even bigger ulterior motive.
According to a report by the Center for America Progress Action Fund, Adelson stands to get a huge return on his “investment” in Romney—to the tune of $2 billion in tax cuts. Yes, you read right. Seems the Republican presidential nominee’s plans for America include putting more money in the coffers of the super-rich, an accusation constantly levied by Democrats on the campaign trail.
The party of “no new taxes” for anyone should also add to its moniker “even more tax breaks for the less than one percent at the top.” Below is an excerpt from the CAPAF on just how Adelson will reap big under a Romney presidency.
Keep in mind that the owner of Las Vegas Sands Corp’s net worth and gains is a projected estimate, for no one but their insiders knows what these big wigs are worth down to an exact dollar. What with tax loopholes, tax shelters and offshore accounts, who can know for sure? I don’t think even the IRS has a clue.
• 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.
At the same time, 95 percent of Americans—those making $200,000 or less—would get a tax increase, on average, from the Romney tax plan.
Read the rest of the entire staggering amount Adelson and folks like him stand to gain in Seth Hanlon's report. You will be blown away. Still think Mittens is a man of the people, for all of the people, by the people?
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