interesting tax idea

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Dave

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I heard an interesting idea kicked around yesterday. Putting a tax on the money that politicians raise for use in their campaignes. Wouldn't that make them happy? It would be a graduated tax. The local ones who raise less than some figure (like $10,000) would be exempt. Big contributers would be taxed at a higher rate than a small individual contribution. Any out of state money would be taxed at a very high rate. The voters would have to put this in place with an initiative or some other means because we know those in office sure wouldn't put this on themselves.
 

Jogeephus

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That would be interesting. I'm sure they would put some wording in it that exempted encumbants or something.

Speaking of political fundraising, something happened this year has me wondering. During the presidential campaign, Hillary "loaned her campaign" something like $5 million. I wonder how much interest she charged her campaign? Is there a law that limits this interest amount? I know there is a law that prevents you from pocketing the donation money but could you not loan your campaign a huge sum of money like this at a terribly high interest rate and then reep a windfall personally? This income would be interest income and would sidestep social security and self employment taxes if you follow what I'm saying.
 

Txwalt

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And if they started breaking all kinds of records for campaign contributions there should be a 90% windfall profits tax. :D

Walt
 

grannysoo

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And to add to it, how about make it where only people that live in the affected area can contribute?

In a city election, only city residents can campaign.
Same for county - only county residents.
State rep - only people in that district.
State senator, governor, etc. More of the same.

Get the big outside money out of politics and have only the real grass roots money financing the campaigns.

I'm sure it would never work........ :dunce:
 
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Dave

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The idea is to tax outside contributions at a much higher rate. So if somebody from outside the area wants to donate money, great because we are going to take most of that money. I have been told that most other states don't have an initiative process like we do. Basically the citizens right up the law, get enough signatures to put it on the ballot in the fall, and if it passes it is law no matter what the legislature thinks. If I remember correctly the legislature is not even allowed to change it for 5 years. Only the court can over turn it. So one of the ideas is to ear mark all money from this tax to go to schools because it will be for the children and who can vote againest that.
 

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