The Senate of the United States recently passed a tax “checkoff” provision to the Revenue Act of 1971 that would allow each person filing an income tax return to deduct one dollar for contribution to presidential candidate’s campaign funds.
Under this bill, $46 million would be diverted from the budget to the two major political parties and minor parties that received at least five per cent of the votes in the 1968 election. Thus, the Democratic candidate and the Republican candidate would each receive $20.4 million, and Gov. George Wallace would receive about $6 million.
To anyone, $46 million is a large amount of money. This money could be spent on more important concerns, such as health, education, welfare, and aid for the elderly. If this method is continued, the amount of money allocated will grow because of the increase in population and the pressure of lobbyists.
Minor candidates will benefit greatly from this provision. They will have nothing to lose. If Wallace chooses to run, he will receive $6 million to spend, and no one can say how it will be spent. The taxpayer will pick up the tab.
This checkoff discriminates against splinter parties. If, for instance, a member of one of the major parties decides to run as an independent, or if the Black Caucus or the People’s Party poll five per cent of the total vote, they will be paid their campaign funds after the elections. This bill, in effect, kills the chances of the splinter parties making a serious run for the presidency.
The final point about this rider is that if the bill is defeated by Congress or if the President vetoes it, then the entire tax benefits of the 1971 act will be lost to the American people.