Supporters have billed the initiative as a way to strike a blow against the Supreme Court’s 2010 Citizens United ruling.
With 87% of votes counted as of Wednesday morning, Montana Constitutional Initiative 194 has received support from more than 65% of voters, with just 35% registering opposition.
The initiative prohibits what it describes as “artificial persons” — which includes corporations, nonprofits, trusts, partnerships, and trade associations — from giving money to political campaigns.
Supporters of the initiative have billed it as a way to strike a blow against the Supreme Court’s 2010 ruling in Citizens United v. Federal Election Commission, which opened the door to unlimited campaign spending in US politics.
It’s a step, but trying to limit how money itself is spent will always create loopholes your opponent has better lawyers than you to exploit. Imho the better way to discipline billionaires would be to change tax code such that borrowing money against securities or anything like it (such as stock) is counted as realizing their value, which would trigger capital gains tax obligations.
It’d have somewhat similar effects to a wealth tax with way less administrative load for the state. The only exception I would grant is when you’re buying a single-person/single-family residential property you’re going to be living in yourself.