Tax Large Political Donations to Pay for Public Funding of Elections

Having seen our democracy being overrun with corporate and ubber-wealthy plutocrat money, I propose that the tax credit for political donations be eliminated and, instead, any political donation over $100 be taxed at the rate of 50%.

This would:

1) Discourage large donations and massive political spending, particularly by corporations who would have to justify the hit to their bottom line.

2) Help pay for the public funding of elections, allowing relatively unknown and unconnected candidates to more effectively run for office. A 50% tax rate on large political donations would essentially provide publicly funded candidates similar amount to run with as privately funded candidates (although this might not be the true individually in primaries where more publicly funded candidates would be splitting the pot).

3) Encourage more financial participation by a greater number of citizens since they would be less discouraged by their contributions being drowned out by large spenders.

4) Encourage contributions to more candidates.

I probably haven’t considered all the ramifications of this proposal, so comments are welcome.

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