Barrack Obama’s meteoric rise to the nation’s top job has had me thinking lately, if Obama could raise more than $452-million in campaign contributions, where is our upcoming “$3 checkoff “ tax-cut? Let the politicians carry their own weight by abolishing this “socialized, presidential elections” tax. Even the honestly-intentioned people who elect to pay this tax are crying foul.
How Much Money Has Been Given Out?
For the general election, the law provides a fixed amount indexed to inflation. In 1976, each major-party nominee received $21.8 million. By 1992, reflecting inflationary trends, that amount grew to $55.2 million.
In the Presidential primaries, the total amount paid to campaigns varies from year to yea r. In 1992, 11 primary candidates received a total of $42.7 million in matching funds. Most candidates ran as Republicans or Democrats; two third-party candi dates also qualified for public funds.
Convention funding is a fixed amount indexed to inflation. In 1992, each major party received $10.6 million to conduct its Presidential nominating con vention.
While the total revenues collected are mere drops in the bucket compared with taxes like the TARP, or the additional taxes we’ve been obligated to pay for by our elected stewards, it’s still our money.
