The Daily Parker

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Oligarchy watch, part MXVI

Continuing my general theme the last few days, the New York Times reminds us what Mitt Romney's biggest backer really wants:

Mr. Adelson’s other overriding interest is his own wallet. He rails against the president’s “socialist-style economy” and redistribution of wealth, but what he really fears is Mr. Obama’s proposal to raise taxes on companies like his that make a huge amount of money overseas. Ninety percent of the earnings of his company, the Las Vegas Sands Corporation, come from hotel and casino properties in Singapore and Macau. (The latter is located, by the way, in China, a socialist country the last time we checked.)

Because of the lower tax rate in those countries (currently zero in Macau), the company now has a United States corporate tax rate of 9.8 percent, compared with the statutory rate of 35 percent. President Obama has repeatedly proposed ending the deductions and credits that allow corporations like Las Vegas Sands to shelter billions in income overseas, but has been blocked by Republicans.

Mr. Obama’s Justice Department is also investigating whether Mr. Adelson’s Macau operations violated the Foreign Corrupt Practices Act, an inquiry that Mr. Adelson undoubtedly hopes will go away in a Romney administration. For such a man, at a time when there are no legal or moral limits to the purchase of influence, spending tens of millions is a pittance to elect Republicans who promise to keep his billions intact.

What title should a man get when he donates $100 million to an election campaign? Would that be worth an earldom or a duchy?

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