Congressman David Wu pitches national $50 political tax credit in WSJ article

In the Wall Street Journal Oregon Congressman David Wu and Bruce Ackerman issued a guest column.

“Each American should get a refundable federal tax credit of $50 that they can use to make contributions to federal candidates during presidential years, and a suitably smaller sum during off-year federal elections. Each American should be allowed to claim a $50 refundable tax credit when filing an income tax return. Oregon and other states already do this. It’s time to bring this plan to the rest of the nation.

Modern technology provides opportunities for enhanced convenience and access. Donations to campaigns could be made electronically, with the money automatically refunded to each citizen’s credit card or bank account. Call these electronic transfers “democracy dollars.” About 120 million Americans went to the polls in 2008. If each citizen also had a chance to contribute democracy dollars, their donations would overwhelm the sums that corporations are likely to spend under the recent Supreme Court decision.” “…Democracy dollars, by contrast, promise more speech and therefore more political competition. Our initiative enhances First Amendment values by encouraging more citizen participation. It reinforces the marketplace of ideas with a marketplace of small donations.

There is already legislation pending in Congress””H.R. 726, the Citizen Involvement in Campaigns Act””proposing a refundable tax credit. But it must be improved to allow the federal government to work with banks and credit card companies to create the electronic infrastructure needed for a user-friendly and fraud-proof system”

More on the Congressman David Wu article can be found here.

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Posted by at 07:43 | Posted in Measure 37 | 10 Comments |Email This Post Email This Post |Print This Post Print This Post
  • Anonymous

    DOPE! He even looks like a DOPE!

  • Anonymous

    I favor this.

    Only 50% of the population actually pays taxes, and mostly votes Republican. This would favor us.

    • Rupert in Springfield

      Huh, now that’s an interesting thought. It is true that most don’t pay taxes.

      Oh no, come on, this would be so easy to track its ridiculous. The second it was seen that more money went right rather than left, you are going to see some accommodation for those who prefer not to work. I am sure we will see ACORN workers scouring the communities of the leisure class in this country. The fine folk who prefer the relaxation of the EITC to the bore of working. In short order they would be commanding how their $50 credit should be directed if they could be bothered to fill out a 1040EZ.

      Wu’s $50 credit is just another gimmick. The tax code should be used for raising revenue, not for modifying behavior.

  • Diamond Jim

    I would want this money but I would give it to someone running who just wanted the free money and had no chance of winning.
    This way we keep some money from the idiots in government and get some back to our buddies in town.
    A fine idea all around.
    It should be $5,000.00 though.

  • JD

    Add a credit, then increase taxes to cover it. Isn’t that the way it works?

  • davidg

    Ok, here is my idea to combine tax reform and campaign finance reform:
    instead of giving tax credits for political contributions, we should tax all political contributions. The tax would be paid by the recipient, not the donor.

    This is a sure fire revenue raiser for the government. It will reduce the number of attack ads that we all see. Win-win!

  • Bob Tiernan

    What an extremely minor idea, from an extremely minor congress-critter.

    Bob Tiernan
    Portland

  • WP Themes

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