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

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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 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.

(HT: Morning Score)

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