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Stories tagged with “Sheldon Adelson

Economy

How One Mega-Donor Could Save $2.3 Billion Under Romney’s Tax Plan

The $100 million that billionaire casino mogul Sheldon Adelson pledged to donate to Mitt Romney will turn out to be a good investment if the Republican nominee wins the presidential election in November, a new report from the Center for American Progress Action Fund found. Thanks to Romney’s tax proposals, which call for massive tax cuts for the rich, corporate tax reforms that will encourage the offshoring of profits, and the elimination of certain investment taxes, Adelson could personally save more than $2 billion in taxes, according to CAPAF Director of Fiscal Reform Seth Hanlon.

Romney’s tax plan would help Adelson in the following ways:

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.

While Romney’s tax plan would further enrich billionaires like Adelson, it would have to raise taxes on middle class families by as much as $2,000 if Romney were to keep his plan to maintain current levels of revenue.

Justice

GOP Casino Baron Sheldon Adelson Pledges $500,000 To Buy A Single House Seat

Sheldon Adelson, the multi-billionaire casino mogul who already spent at least $5 million to help keep Republicans in control of the House next year, reportedly pledged $500,000 to just one House candidate, New Jersey Republican candidate Rabbi Shmuley Boteach.

While half-a-million dollars sure sounds like a lot of money, it is chump change to Mr. Adelson. The casino czar’s net worth is just shy of $25 billion, or more than the gross domestic product of nearly two dozen nations put together. Indeed, Adelson is so rich that if he decided to give half a million dollars to every single Republican nominee for every House and Senate seat in the country, and to do so every single election cycle until his vast fortune ran out, he would have enough money to fund the GOP’s election machine for the next 186 years:


Rabbi Boteach, for his part, lavished praise on Adelson and on the Supreme Court that’s been so solicitous of right-wing efforts to buy and sell elections: “I think that Sheldon Adelson will bring democracy to the ninth district of New Jersey. What Citizens United has allowed is a challenger like me to be a real contender against [Rep. Bill] Pascrell.”

Justice

Santorum Backer The Latest Millionaire Donor To Abandon Campaign Finance Disclosure

Foster Friess

Foster Friess

During the Republican primaries, millionaire Foster Friess became a household name for his more than $2 million in donations to the pro-Rick Santorum Red, White & Blue Super PAC. At that time, he told ThinkProgress that he would like to see more flexibility for big donors like himself to give directly to the candidates and full disclosure.

But like casino billionaire and Super PAC funder Sheldon Adelson, Friess has decided he would rather avoid the scrutiny of having his future political spending made public.

CNN reports that Friess “has decided his financial donations in the future will mostly be to [501(c)(4)] groups that do not have to disclose their donors.” He told the network:

I was kind of shocked to see the notoriety, the high profile I got. I didn’t know if I needed that. People looked at me as a villain.

The vast majority of Americans hate the massive influx of “independent” expenditures by Super PACs and secret-money 501(c)(4) groups enabled by the Supreme Court’s 5-4 Citizens United ruling. With the Senate Republican’s successful filibuster of the DISCLOSE Act, donors like Adelson and Friess are free to do what they are doing — simply move their donations to undisclosed groups and spend at will, while the public has no way of knowing who is behind the attack ads they bankroll.

Still, if Adelson and Friess really don’t want to be looked upon as villains, they could spend their money on something else.

Security

REPORT: Biggest Donor To Romney And GOP Did Business With Chinese Mob

GOP mega-donor and casino kingpin Sheldon Adelson

Things are getting awkward for Sheldon Adelson, the casino magnate who pledged to spend a “limitless” amount of money to get Mitt Romney elected. Adelson’s latest woes stem from business practices surrounding his lucrative casino in Macau, the only Chinese city with legalized gambling.

The Macau operation has long been under scrutiny but a new in-depth investigation from ProPublica and PBS focused on allegations of improper, and perhaps in some cases illegal, business dealings by Adelson’s Las Vegas Sands company in China. While focusing on the possibility that Sands violated the Foreign Corrupt Practices Act with a $700,000 payment to a Chinese associate, PBS also released documents that bolstered accusations of business ties between Adelson’s shop and Chinese organized crime figures.

PBS reports that Sands was clear that, in order to drive business from mainland China to their Macau casino, they would need to use “junkets” — trips arranged by private companies to ferry high-stakes gamblers to Macau:

Among the junket companies under scrutiny is a concern that records show was financed by Cheung Chi Tai, a Hong Kong businessman.

Cheung was named in a 1992 U.S. Senate report as a leader of a Chinese organized crime gang, or triad. A casino in Macau owned by Las Vegas Sands granted tens of millions of dollars in credit to a junket backed by Cheung, documents show.

Cheung did not respond to requests for comment.

Another document says that a Las Vegas Sands subsidiary did business with Charles Heung, a well-known Hong Kong film producer who was identified as an office holder in the Sun Yee On triad in the same 1992 Senate report. Heung, who has repeatedly denied any involvement in organized crime, did not return phone calls.

Because Nevada gambling authorities forbid doing any business with organized crime, Sands’s Las Vegas gambling licenses could hang in the balance. (Adelson and his company refused to comment for the PBS story.) But Adelson has other issues with his China operations.

In 2001, Adelson allegedly helped derail House Republican measure opposing Beijing’s Olympic bid due to human rights issues. “The bill will never see the light day, Mr. Mayor. Don’t worry about it,” he reportedly told Beijing’s mayor after phoning then-House Majority Whip Tom Delay. Sands went on to receive its lucrative casino license from China.

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NEWS FLASH

Billionaire GOP Donor Pledges $10M To Koch Brothers’ 2012 Election Efforts | Billionaire casino mogul Sheldon Adelson, who has poured more than $70 million into Republican campaigns this cycle, has pledged $10 million to support the Koch brothers’ efforts in the 2012 election. The promised donation was announced at Charles and David Koch’s donor summit earlier this week. Groups in the Koch political network, including Americans Prosperity that is spending on attack ads against President Obama, are expected to spend nearly $400 million ahead of November’s election, and Adelson has promised unlimited donations to support GOP candidate Mitt Romney’s campaign.

Economy

McCain Attacks Romney Super PAC, Says ‘Corporations Are Not People’

Though he has been one of Mitt Romney’s most visible supporters, Sen. John McCain (R-AZ) took aim yesterday at both Romney’s Super PAC and one Romney’s most controversial talking points. In an interview on PBS’s NewsHour, McCain told Judy Woodruff that because casino billionaire Sheldon Adelson makes a huge portion of his profits from a casino in Macau, his massive spending in support of Mitt Romney and other right-wing candidates is a form of foreign money influencing American elections:

WOODRUFF: This question of campaign money, highlighted today by the announcement that there’s a huge amount of money coming in from one donor in the state of Nevada.

MCCAIN: Mmmm hmmm. Mr. Adeleson, who gave large amounts of money to the Gingrich campaign and much of Mr. Adeleson’s casino profits, that go to him, come from this casino in Macau.

WOODRUFF: Which says what?

MCCAIN: This which says that obviously, maybe in a round-about way, foreign money is coming into an American campaign, political campaigns.

WOODRUFF: Because of the profits that the casinos in Macau…

MCCAIN: Yes, that is a great deal of money. And, again, we need a level playing field and we need to go back to the realization that Teddy Roosevelt had that we have to have a limit on the flow of money and that corporations are not people. That’s why we have different laws that govern corporations than govern individual citizens. And so to say that corporations are people, again, flies in the face of all the traditional Supreme Court decisions that we have made — that have been made in the past.

Watch the video:

Romney, of course, said in August that “corporations are people, my friend,” a claim that he and his campaign surrogates have vigorously defended since.

Adelson gave $10 million to the pro-Romney Restore Our Future Super PAC this week — after giving millions more to fund a pro-Newt Gingrich Super PAC’s attacks on Romney during the GOP primaries. According to Forbes, Adelson and his wife are willing to spend a “limitless” amount in order to defeat President Obama.

Though it is illegal for non-citizens to spend any money to influence U.S. selections directly, the Supreme Court’s 5-4 Citizens United ruling left the door wide open for the American employees of American subsidiaries of foreign owned corporations — and even sovereign wealth funds — to spend millions or billions from their corporate treasuries on “independent” expenditures.

NEWS FLASH

Billionaire Adelson Pledges Unlimited Campaign Contributions To Mitt Romney | Newt Gingrich benefactor billionaire Sheldon Adelson and his wife Miriam have contributed $10 million to Mitt Romney’s super PAC Restore Our Future and now Forbes reports that the couple is willing to spend a “limitless” amount or more than $100 million to help defeat President Obama in November. And while $100 million sounds like a lot, the donation is just a drop in the bucket for the casino mogul. Adelson’s $10 million donation to Romney is “equivalent to $40 for an American family with a net worth of $100,000,” while his $100 million goal “constitutes the same percentage of Adelson’s wealth that $300 to $400 does for normal Americans.” Forbes estimates Adelson’s worth at $24.9 billion.

Security

Romney To Meet With Right-Wing Billionaire Sheldon Adelson

Right-wing billionaire Sheldon Adelson

Casino mogul Sheldon Adelson and his family are unafraid of using their money in politics. They purportedly gave $20 million to Newt Gingrich’s failed run for the Republican presidential nomination — and reportedly weighed an astounding $100 million donation. But with Gingrich dispatched, Adelson is now turning his attention to presumptive nominee Mitt Romney. It’s not clear if Adelson has yet poured millions of dollars into SuperPACs associated with the Romney campaign, and we may never know: Adelson vowed this winter to keep most of his election giving secret.

We do know that Adelson was slated to meet today in his Las Vegas office with Romney, according to a CBS report citing people close to the billionaire.

So who is Adelson? Here’s a reminder of some of the priorities and far right-wing views held by the owner of Las Vegas Sands Corporation and its Venetian hotel:

  • In February, Adelson and his wife reportedly joined up with the Koch brothers for the first time in their twice-yearly gathering of major right-wing donors largely obsessed with ending regulation on business. Reports suggested that the Adelsons would contribute to American Crossroads, an attack-dog Super PAC run by Karl Rove.
  • One of the reasons Adelson wants to keep his political giving private is that his gambling empire and, relatedly, close relationship with the Chinese government awkwardly juxtapose with Christian conservative views (Adelson’s been denounced) and Republican antipathy on China (including from Romney). Adelson allegedly helped crush a congressional measure by House Republicans opposing Beijing’s Olympic bid. “The bill will never see the light day, Mr. Mayor. Don’t worry about it,” he reportedly told Beijing’s mayor in 2001 after phoning then House GOP Majority Whip Tom DeLay (TX). Adelson went on to get a lucrative gambling license from China to build a casino in Macau.
  • Part of Adelson’s Chinese dealings, which came under federal scrutiny in 2011, went through a non-profit called the Adelson Center for U.S.-China Enterprise. According to a WikiLeaks cable flagged by Salon, the association, which was meant to facilitate business between the U.S. and China, was shut down by the Chinese government after some “missteps” with “funds transfer mechanisms” used by Las Vegas Sands. Unlike competitors, the cable said, Las Vegas Sands lobbied Beijing directly instead of going through Macau authorities.
  • Gingrich told NBC News that Adelson puts a priority on far-right policies on Israel. Adelson opposed the American Israeli Affairs Committee — threatening to withdraw financial support — when the group backed a Bush administration-led peace process in 2007. Adelson has since said, “There won’t be a two-state solution; there won’t be a one-state solution” to the Israeli-Palestinian conflict. He has, in the past, suggested the two-state solution was “suicide” for Israel
  • Adelson’s right-wing views on Israel have, at times, descended into bigotry against Palestinians, who he thinks do not have legitimate aspirations to a state of their own. When Newt Gingrich said Palestinians are an “invented” people — a talking point the New Yorker’s David Remnick said was “propaganda” — Adelson backed him up. “Read the history of those who call themselves Palestinians,” he told a group of young American Jews visiting Israel late last year, “and you will hear why Gingrich said recently that the Palestinians are an invented people.”
  • While Mitt Romney claims to support a two-state solution to the Israeli-Palestinian conflict and advocates for a tough foreign policy on China, the man he was slated to meet with today in Las Vegas has espoused a nearly opposite set of policy views. He’s also shown no timidity in throwing around his money to pursue those political interests in the U.S., China and Israel.

    Justice

    GOP Billionaire Casino Mogul Sheldon Adelson To Keep Future Political Spending Secret

    Sheldon Adelson

    Sheldon Adelson (AP Photo/Kin Cheung)

    Casino billionaire and right-wing activist Sheldon Adelson has already given at least $10 million to Republican-Allied Super PACs so far this cycle… and he plans to make at least one more Super PAC donation. But, he told Las Vegas Sun political reporter Jon Ralston, after that he plans to keep his massive political spending secret.

    Ralston writes:

    “I’m going to give one more small donation – you might not think it’s that small – to a SuperPAC and then if I give it will be to a c4,” a reference to 501c4 nonprofits, which are tax-exempt and also exempt from disclosures. I opined that surely meant Crossroads, which would allow him to indirectly help Mitt Romney and Sen. Dean Heller [R-NV], who is running against Rep. Shelley Berkley [D-NV]. Berkley used to work for Adelson, but they had a falling out in the mid-1990s and he surely would love to see her lose.

    Do you know how many c4s there are?” Adelson retorted, as if to try to indicate he had more choices than Crossroads. Indeed. But I can’t think of too many that will influence who controls the White House and the U.S. Senate. And did he telegraph where his money is going with the Rove comments? I think so.

    Adelson also declined to tell Ralston which Super PAC he intended to support with that final “small donation.”

    The casino mogul seemingly conceded that he didn’t want his future political “speech” to be transparent because voters might take that information into consideration when evaluating his message.

    Adelson said he believed the media’s inevitable use of the phrase “casino mogul” whenever his donations became public “is not helpful to the person .”

    So, thanks to the Supreme Court’s stream of rulings against political spending limits and the unwillingness of the Republicans in Congress and on the Federal Election Commission to even mandate disclosure of independent political ad funders, billionaires like Adelson can simply hide their massive donations through (c)(4)s when they get tired of the media and public scrutiny. And rather than letting the voters decide how much credibility to give an ad bankrolled entirely by an anti-union gambling magnate — he can just choose to keep them in the dark.

    While Ralston seems convinced Adelson’s support will go to Karl Rove’s secretive Crossroads GPS, the most famous right-wing (c)(4), the truth is he and we have no idea. Adelson could give the money to former Sen. Norm Coleman’s (R-MN) American Action Network. Or to the Koch Brother’s Americans for Prosperity. Or some totally unknown 501(c)(4)s that could be collecting hundreds of millions of dollars without any footprint, waiting to pounce with a barrage of shady attack ads. Or, given his billions, all of those.

    NEWS FLASH

    Sheldon Adelson Gives $5M To Pro-House GOP Super PAC | Casino billionaire and anti-union activist Sheldon Adelson turned his sights to the House Republican majority. In recent months Adelson gave $7.5 million to the pro-Newt Gingrich Winning Our Future Super PAC, a total matched by his wife Miriam. Now, Adelson has given a $5 million donation to the Congressional Leadership Fund, a Super PAC dedicated to preserving a right-wing Republican House majority. The super PAC is amusingly co-chaired by former Sen. Norm Coleman (R-MN), a consultant to the Republican Jewish Coalition, and Fred Malek, who infamously served as President Richard Nixon’s “Jew counter.” Adelson previously claimed he is “against very wealthy ­people” influencing elections.

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