Perriello proposes prohibition on foreign corporate donations.
Rep. Tom Perriello is introducing a bill to make a brilliant modification to campaign finance law. It’s a bit breathtaking in its simplicity and utility. With the recent Supreme Court ruling (which is simultaneously legally correct and practically stupid), corporations can make unlimited contributions to candidates for political office. This will be, as anybody can see, a disaster. Note, though, that the restriction on contributions from non-citizens remains: you cannot give to a campaign if you’re Canadian, Mexican, or Iraqi. Americans only. There’s a clear conflict here. There’s nothing keeping somebody from establishing an American corporation but having a foreign national own the stock. That would allow foreigners to fund campaigns, which I suspect we can all agree is wrong.
Perriello to the rescue. He’s introducing a simple bill—and I do mean simple; it’s 10 lines long—that would prohibit corporations with foreign shareholders from contributing to campaigns.
I’ve only mulled over this for a few hours, but there’s really nothing to dislike about this. It fixes a significant loophole in the law in a simple, elegant way.
While I’m on the topic, here’s the good news about allowing corporations to donate to campaigns: it’ll force repatriation of some of these good-for-nothing faux-American companies who have moved their corporate headquarters into a mailbox in Bermuda. Stanley Tools was all set to move, but the outcry was great enough to keep them…but it doesn’t matter, I’ll never buy anything from them. Remember Tyco? They weaseled out of $400M/year in taxes by having their business in a country that they didn’t go to, where they had no offices, and required no services. If anti-American companies like these can’t get any skin in the game without paying U.S. taxes, maybe they’ll rethink this strategy.
That’s the worst silver lining I’ve ever ginned up.
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