… do you really want to cut checks for parties celebrating the two groups that created the problem? Timothy Carney addresses that question for the Washington Examiner:
Fourteen trillion dollars in debt, the U.S. Treasury next week will cut $18 million checks to help pay for the stages, confetti, balloons, food, and booze at the 2012 Republican and Democratic National Conventions.
The Presidential Election Campaign Fund is paid for by taxpayers. The money comes from those who check the box at the top of their 1040 to redirect $3 of their tax payment. Because checking the box doesn’t increase your tax liability, this is, in effect, a 100 percent tax credit on a $3 contribution to politicians. It’s one of those “tax expenditures” President Obama claims he’s targeting.
In addition to providing matching funds for presidential candidates who limit their private fundraising, the PECF cuts a big check every four years to pay for the major party conventions. The amount is adjusted for inflation every cycle, and the Treasury checks are issued on July 1, the year before the convention.
