Carville and Begala's plan to rid politics of money:
The biggest problem with the status quo of campaign fundraising is that it puts good people in a bad system. Nearly every member of the House and Senate, whether sinner or saint, spends a spectacular amount of time raising money. The very process of raising money distorts the politician's perspective. You try spending six hours a day, six days a week in a cramped room calling people and sucking up to them for money. If the only people you ever talk to are people with the wherewithal to contribute thousands of dollars to your campaign, that is bound to affect the way you see the world. You don't hear much about the minimum wage from folks who can write a check for $2,000. Nor do you spend a lot of time calling people who don't have health insurance or who can't afford their prescription drugs.
We propose fundamentally and radically reforming the way that campaigns are financed. Our proposal combines the fondest dream of liberal reformers—public financing of campaigns—with the fondest dream of conservative and libertarian reformers—no restrictions at all on donations from American citizens. The goal is to put a little distance between power and money. Federal office holders have power but need money. Special interests have money but need power. When the two come together, trading money for power, bad things happen.
Here's how our plan would work:
First, we raise congressional pay big time. Pay 'em what we pay the president: $400,000. That's a huge increase from the $162,000 congressmen and senators currently make. Paul, especially, has been a critic of congressional pay increases. But he is willing to more than double politicians' pay in order to get some of the corrupt campaign money out of the system. You see, the pay raise comes with a catch. In return, we get a simple piece of legislation that says members of Congress cannot take anything of value from anyone other than a family member. No lunches, no taxi rides. No charter flights. No golf games. No ski trips. No nothing.
And when it is campaign time, incumbents would be under a complete ban on raising money. You read that right. No president or member of Congress could accept a single red cent from individuals, corporations, or special interests. Period.
Challengers, on the other hand, would be allowed to raise money in any amount from any individual American citizen or political action committee. No limits, just as the free-market conservatives have always wanted. But here is the catch: Within 24 hours of receiving a contribution, the challenger would have to report it electronically to the Federal Election Commission, which would post it for the public to see. That way, if you want to accept a million dollars from, say, Paris Hilton, go for it. But be prepared for voters and reporters to ask what you promised her in exchange.
The day after you disclose Paris's million bucks, the U.S. Treasury would credit the incumbent's campaign account with a comparable sum—say 80 percent of the contribution to the challenger to take into account the cost of all the canapés and Chardonnay the challenger had to buy to raise his funds as well as the incumbent's advantage. So if Paris gave the challenger a mill, the Treasury would wire $800,000 to the incumbent. It couldn't be much simpler. You might even call it the flat tax of campaign laws.
I try not to fall back on tired admonitions to "read the whole thing", but you know what? Read the whole thing. It's baffling to me that more Democrats aren't offering similar legislation, if only because they themselves would love to stop spending their days fundraising on the phone. This bill is about excising the money from politics, sure, but it's also about freeing up politicians to do their goddamn jobs rather than hold chicken dinners for local contributors.