Sheldon Adelson, the billionaire casino magnate and Republican megadonor Sheldon Adelson could stand to benefit heavily from the House plan to overhaul America's healthcare system.
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The GOP healthcare bill could slash Trump megadonor Sheldon Adelson's tax bill by more than $40 million
The American Health Care Act would repeal Obamacare's Net Investment Income Tax, which could hand GOP mega-donor Sheldon Adelson a windfall.
Sheldon Adelson.
A new report from the Center for American Progress Acion Fund, a liberal think tank, and Tax March found that Adelson could see his tax bill slashed by millions of dollars if the American Health Care Act becomes law.
The primary way Adelson would benefit is the repeal of Obamacare's Net Investment Income Tax, which adds a 3.8% tax to investment income — from dividends and capital gains — for people with over $200,000 in annual earnings (or couples with over $250,000).
Based on Adelson's most recent Form 4 filing with the Securities and Exchange Commission, the megadonor and his family own 392,735,403 shares of his casino company, Las Vegas Sands.
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Las Vegas Sands pays an annualized dividend of $2.92 per share, meaning that with Adelson's current ownership stake he would receive about $1.14 billion in income via those dividends in 2017.
Adelson would be subject to the 3.8% tax NIIT. If the AHCA repeals that tax, the casino magnate will avoid nearly $44 million in payments.
This does not account for any capital gains that Adelson may accrue through sales of his shares or any income from other investment vehicles Adelson owns, which means the savings could be even larger.
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