Casino Mogul Adelson Backs Romney in a Big Way
Casino mogul Sheldon Adelson has not only backed Mitt Romney in a big way but stands to profit handsomely if Romney is elected President.
Adelson has pledged to spend up to $100 million to try to get Romney elected with that money going towards campaign ads and other related items.
That generosity is driven by more than just political spirit; some estimates place Adelson's potential tax savings under a Romney administration at close to $2 billion.
Adelson would benefit in numerous ways from Romney's proposed tax plaform, which would see Adelson -- already one of the world's richest men with an estimated net worth of $20 billion -- save money in several different ways.
He'd save millions from the top tax rate being cut and hundreds of millions by maintaining a low tax rate on dividends. He'd also stand to save over $1 billion from the foreign profits of his casino operations in Macau and other areas being made exempt from US taxes.
Adelson's Las Vegas Sands Corporation has seen huge profits from its expansion into the lucrative gambling market of Macau, which passed the Las Vegas Strip back in 2006 as the world's top gambling destination by revenue.
Originally a Democrat, Adelson swapped political allegiance as his wealth grew, largely due to the shared belief that the wealthiest US citizens shouldn't have to pay a higher tax rate than other less prosperous Americans.
Adelson explained his political switch with the following: "Why is it fair that I should be paying a higher percentage of taxes than anyone else?"
Adelson is also one of the few gambling execs in Las Vegas that continues to oppose online gambling of any sort.
Most large US casinos have shifted stance and now support legalizing online poker and other games, viewing it as a potential growth area.
Adelson remains one of the most vocal opponents of online gambling, however, pointing to its potential social harm and the possibility of underage gambling.
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