Alex Pareene makes a lot of sense on progressives giving up on campaign donations as an issue and instead focuing on a much better idea that will also help solve the campaign issue. Expropriate the wealth of rich people:
If the super-rich had less money, they would have less money to spend on campaigns and lobbying. And unlike speech, the government is very clearly allowed to take away people’s money. It’s in the Constitution and everything. I know it wasn’t that long ago that it also seemed obvious that the government could regulate political spending, but in this case the relevant constitutional authority is pretty clear and there is no room for a so-called originalist to justify a politically conservative reading of the text. Congress can tax income any way it pleases.
There is one glaring problem with my plan, of course, which is that Congress is already captured by wealthy interests, and is not inclined to tax them. But all I’m saying is that would-be campaign finance reformers ought to give up on their lost cause and shift their energies toward confiscation and redistribution.
I don’t think this would totally solve the campaign finance issue unless the tax rates were set very high; after all, Sheldon Adelson is a very rich man. But it would help. Also higher taxation on the rich would do a lot more to solve the much more important social problems in this country.
Should we start at 70% taxation on everything, including capital gains and all investments, for all money over $1 million a year, 90% on everything over $10 million? Seems a good place to start. We can always raise it if we want more of their money. Also, massive punishments for using offshore tax havens. Perhaps property confiscation.