Casino mogul and top Republican donor Sheldon Adelson would see a $2 billion tax cut if Mitt Romney is elected in November, according to a new report from the Center for American Progress Action Fund. That would be a huge return on the $100 million he has said he’ll spend this year to help elect Romney.
According to the report, Romney’s tax plan would help Adelson by cutting top tax rates, maintaining low rates on stock dividends and capital gains, providing a tax windfall on his Las Vegas Sands Corp., and elimination of the estate tax.
Adelson and his wife Miriam have donated $10 million to the Romney-aligned Restore Our Future super PAC, but he has said he’ll spend up to $100 million, likely including donations to groups that don’t have to disclose their donors. Both Romney and his vice presidential pick Rep. Paul Ryan have held private meetings with Adelson in Las Vegas and Mr. and Mrs. Adelson were front-row guests at a Romney event in Jerusalem this summer.
Adelson and his wife are also making big donations to downballot races and party committees. As we reported in August, the couple has donated millions to at least 17 Republican super PACs, candidates, and party committees this cycle.
In the past week, two of those groups—YG Action Fund and Freedom PAC—have started ad campaigns to benefit their preferred Republican candidates. Adelson's donation represents 88% of the amount YG raised through July and 89% of Freedom PAC's donations.