SPECIAL TAX ON LARGE POLITICAL DONATIONS

Senator Elizabeth Warren has stated that rich donors should not be allowed to give huge donations to candidates which allows the richest people in America to buy elections to the detriment of ordinary people. I would suggest that rather than preventing billionaires from giving large donations, there should be a special graduating tax on large political donations. In other words, a political donation of $10 or less in one year should be tax deductible. Political donations above $10 in one year should be subject to a graduating tax increasing according to the size of the donations in one year going up to 90% for the highest annual donations. This would not only limit the billionaire donations, but it would add money to the treasury to help the deficit and free up dollars for programs that would increase the quality of life for ordinary people.