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Obama Camp Works to Undercut Sheldon Adelson Venture
Posted By Ronn Torossian On October 18, 2012 @ 12:10 am In Daily Mailer,FrontPage | 11 Comments
It is considered unacceptable etiquette for Americans to criticize the President when they travel overseas. Similarly, one would expect President Obama not to oppose American business interests when those businesses and their owners are overseas. Yet, the Obama administration did so recently – attacking an American business via a socialist foreign political party.
Behavior unbecoming of the President of this great democracy – yet typical of the Obama administration’s hostile policies towards business. Obama, the great American bully, saw fit to attack self-made billionaire Sheldon Adelson the other day while he was visiting Spain to announce that the Sands corporation had attracted sufficient funding to start building “Eurovegas,” a major casino complex in Madrid.
Adelson, a high-profile Republican, serves as CEO of Las Vegas Sands, a publicly traded American corporation, and hopes to create tens of thousands of jobs for Spain, one of America’s closest allies, in a country grappling with an unemployment rate of nearly 25 percent.
David Axelrod, a proxy of Obama, attacked Adelson in a note to Antonio Miguel, a member of the assembly and a Socialist Party in Madrid. Adelson’s offense? Opposing Obama’s political beliefs. Sounds like Putin’s Russia where the President opposes business interests due to political differences.
The note read:
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.
Owning a leading US PR Firm, I wasn’t surprised that the letter was leaked to media by the socialist political party – who opposes Sands’ plan. Surely, Axelrod knew that this letter would end up in the media. Hence, a proxy of Obama, the most powerful man in the world tells a foreign country’s socialist leaders that they “don’t want” an American citizen? Unacceptable, un-American – and perhaps a sign of socialist unity between Obama and the Spaniards.
Las Vegas Sands is an American-owned corporation — which generates profits and taxes for an American corporation with American shareholders. Is it in America’s best interests to actively and publicly oppose an American corporation legally creating jobs and stimulating the economy?
Sheldon Adelson was born into a poor immigrant family and today is the world’s 14th wealthiest man with a net worth approaching $25 billion dollars. He is a proud patriot who is working to create profits for an American company by providing a unique opportunity for a European economy that needs help.
It is shameful, despicable, and un-American for an American President to skewer Sheldon Adelson, a private citizen because of his political beliefs. Then again, given Obama’s views on business and money, it is consistent with his record.
Adelson and Sands are making money and succeeding – and maybe that’s what the socialists oppose. (Though I hope I am not sent to the gulag for writing this op-ed).
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