follow the money, or don’t
DavidAxelrod wrote, ”Sheldon Adelson, the conservative billionaire Las Vegas casino owner, has pledged to give up to $100 million — whatever it takes — to defeat Barack Obama.
”We know it’s not out of love for Mitt Romney, so why part with so much money? As President Clinton reminded us last week, sometimes the answer is as simple as arithmetic.
”So let’s do the math: According to a new report from the Center for American Progress Action Fund, Adelson could see up to $2 billion in savings under Mitt Romney’s tax plan versus the President’s plan. That’s how much Romney’s policies would favor millionaires and billionaires.
”If Mitt Romney wins, $2 billion more for Adelson. If Barack Obama wins, millionaires and billionaires pay their fair share.
”It’s a highly cynical but straightforward calculation.”
Here’s how it would work for Adelson in a Romney-Ryan administration:
Romney would keep in place the Bush tax cuts, and cut Adelson’s income taxes by an additional 20 percent. Adelson savings: $1.5 million per year on income he earns as CEO.
Romney’s plan eliminates taxes on foreign profits like the ones Adelson makes on his Asian casinos. Adelson savings: $1.2 billion.
Romney’s plan maintains the current low tax rate on dividends. Adelson savings: $120 million per year.
Romney’s plan removes the estate tax. Adelson heirs save: $8.9 billion.
”I honestly can’t think of a more straightforward contrast in this election.
”We don’t have Sheldon Adelson, and with all due respect, we don’t want him.”
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