Tuesday, May 31, 2011

And the beat goes on.....

Buy any politician you want as long as you pick the right candidate and you get goodies. Pretty simple. What's newsworthy here?

Want to end it?

Remove the corporate tax rate on income earned by private contributions and then tax heavily income from government subsidies. Going to happen? Sure as soon as we find Bin Ladin's body !

Federal Judge Reverses Ban on Direct Corporate Contributions - OpenSecrets Blog | OpenSecrets
A federal judge in Virginia declared on Thursday that the long-standing ban on corporations contributing directly to candidates running for federal office was unconstitutional.

U.S. District Judge James Cacheris based his ruling on the U.S. Supreme Court's Citizens United v. Federal Election Commission decision from January 2010, which made it legal for corporations to make unlimited independent expenditures to support or oppose federal candidates. The controversial 5-4 Supreme Court ruling in Citizens United left intact a ban on direct corporate contributions to federal candidates.

Cacheris' decision struck down sections of the Bipartisan Campaign Reform Act of 2002, also known as the McCain-Feingold Act, named after its chief sponsors Sens. John McCain (R-Ariz.) and Russ Feingold (D-Wis.).

"That logic is inescapable here... if, in Citizens United's interpretation of Bellotti, corporations and human beings are entitled to equal political speech rights, then corporations must also be able to contribute within FECA’s limits," Cacheris states in his opinion for the case, U.S. v. Danielczyk.

The Federal Election Campaign Act (FECA) sets caps on how much money individuals can contribute to federal candidates -- amounts that increase every election cycle. The current contribution limit is $2,500 per election, with a primary election and a general election being viewed as two separate elections.

The defendants in the case before Cacheris -- William Danielczyk, 49, and Eugene Biagi, 76, who live in Oakton, Va.-- allegedly reimbursed $30,200 to eight contributors to Hillary Clinton's 2006 Senate campaign and reimbursed $156,400 to 35 contributors to her 2008 presidential campaign from their company's treasury, the Associated Press reported.

Until Thursday's ruling, the Citizens United case had not been applied to direct contributions by corporations. Earlier this month the Eighth Circuit Court of Appeals sided with a federal judge in Minnesota who upheld that state's ban on direct campaign contributions.

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