In other news, this is why Sheldon Adelson can afford to dump tens of millions of dollars down the drain supporting Newt Gingrich and Mitt Romney.
Las Vegas Sands Corp. (LVS), the casino company led by billionaire Sheldon Adelson, voted a special dividend that will pay its controlling shareholder about $1.2 billion before an expected increase in federal taxes. [...]
With about 437 million shares of Las Vegas Sands, or around 52 percent of the stock, according to an April regulatory filing, Adelson, 79, and his wife, Miriam, will collect $1.2 billion from the special dividend and another $611 million annually. The special dividend takes effect before an expected increase in dividend taxes from the current 15 percent.
If he’s going to have his company vote to pay him $1.2 billion now before he can be taxed at a higher rate, I suppose there’s no need to renew tax cuts for the rich at the end of the year.
Thanks for letting us off the hook.