New York Times Editorial, June 23/24, 2012

No American is dedicating as much of his money to defeat President Obama as Sheldon Adelson, the casino magnate who also happens to have made more money in the last three years than any other American [....]

The first answer is clearly his disgust for a two-state solution to the Israeli-Palestinian conflict [....]

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 [....]