STATESIDE
Stateside H
Sharon Harris reports back from the US…
istorically playing defense, gaming again confronts notoriety. Las Vegas Sands owner/operator Sheldon Adelson, 78, and worth about $25 billion, has remained relatively unknown. He is now the “rich
guy” face of super political action committees (PACs). These groups may raise unlimited outside election campaign funds, but must technically avoid the candidate. In January 2010, the US Supreme Court ruled (5-4)
that free speech permits super PACs. The minority feared potential corruption from unlimited private money. Really…corrupt politics?
…senior White House officials now routinely pass the
President Barack Obama publicly denounced the decision, as several justices attended, in his January 2010 State of the Union address. He has labeled it “a major victory for big oil, Wall Street banks, health insurance companies and the other powerful interests that marshal their power every day in Washington to drown out the voices of everyday Americans.” In 2012, Obama’s reelection campaign is less
collection plate among wealthy donors
disgusted, forming Obama’s Priorities USA Action super PAC. Claiming he must “level the campaign’s playing field”, senior White House officials now routinely pass the collection plate among wealthy donors. Team Obama makes reversing course on their
grand public pronouncements into an art form. In 2008, they pledged to only accept public campaign financing, but flipped upon realizing their historic fundraising potential.
Republican primary candidates aren’t innocent
either. They claim to distance themselves from super PACs, but clearly make their opinions known. Adelson’s $11-plus million super PAC donations has prolonged Newt Gingrich’s candidacy. Can anyone, including Obama, just tell the truth? During interviews, the media calls Adelson the “billionaire casino mogul”. So, how mainstream America views him and gaming? Will this scrutiny affect gaming executives? Sure, they earn plenty, but they directly and indirectly employ millions. Raised in poverty, Adelson insists his fortune comes
from hard work, taking risks, vision and savvy business acumen. Although rarely publicized, Adelson donated hundreds of millions to charities despite losing billions when stocks plunged in 2008. Adelson and Republican candidate Mitt Romney,
worth about $200-plus million, symbolize the rich and super rich “one percent” in America. To last year’s
12 MARCH 2012
Occupy Wall Street protestors, the “one percent” is public enemy number one. What defines “rich” is unclear, but they allegedly live too large, pay inadequate taxes and prey on the remaining 99 percent. The United Auto Workers (UAW) union may
coordinate a springtime protest of 100,000. Most union workers earn more and retire wealthier than their private sector counterparts. Ironically, union leaders may well be in the one percent group themselves.
When did the American Dream of working hard for financial rewards turn criminal? Congratulations to those entrepreneurs and professionals whose ambition surmounted their humble beginnings. I learned early on that sacrifice, smarts and hard work usually results in success. Obama fuels this class warfare. He wants millionaires and billionaires like Warren Buffet, who often publicly laments his own secretary’s higher tax rate, to pay their “fair share”. Yet, with half the population paying no federal income taxes at all, what exactly is fair? New Jersey Governor Chris Christie responded, “Buffet should just write a check and shut up…If he wants to give the government more money, he’s got the ability to write a check.” I agree. Blame an uninformed public. Like Buffet, Romney earns millions from capital gains dividends on corporate stocks, paying the current 15% tax rate. This is the process. American workers are taxed up
to 35% – based on salary – on their original employment income. They may invest their net dollars in stocks. These corporations pay up to 35% in taxes before returning one dime in dividend interest to investors, who then pay another 15% rate on that net figure. For individuals earning $200,000 a year, or
$250,000 a couple, Obama proposes increasing dividends taxes to match the higher 39.6% personal income tax rate, effective in 2013. With scheduled deductions and exemption phase outs, the rate hits 41%. By adding 3.8% ObamaCare investment tax surcharge, the 2013 dividend tax rate triples to 44.8%. Since millions of “regular folks” buy corporate gaming stocks, will demonizing and raising taxes negatively impact investing? Steve Wynn thinks so. He called Obama a business
“wet blanket” in July 2011. But, the Republican candidates haven’t “wowed” the public either. So, we’re a ship off course. Hopefully, the fall campaign will debate America’s economic health and future. Hey, candidates… Are you listening?
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