Failed rich candidates should be taxed 100%

John Seiler:

We have a lot or super-rich candidates and office-holders now: Schwarzenegger, Whitman, Poizner, Fiorina, that wrestling lady in Connecticut, John Kerry (got his money the old way: married into the Heinz catsup fortune), the Bushes, etc.

They run for office, have a jolly old time, yet face no consequences if they wreck the country or state.

Here’s a better idea: If they win, they sign a document stipulating that if, during their time in office, the state, country, city, etc. gets worse, all their fortune is taxed at 100%. It’s gone.

So, given that Arnold has been a total disaster, all his hundreds of millions would go to the state treasury. If Whitman fails, same thing. John Kerry’s money would have been forfeited to the U.S. Treasury because his time in office has seen the worst Depression since the Great Depression. And so on.

On the other hand, if the economy grew during a politician’s term in office, he could keep his money. So, Reagan, JFK and other successful politicians could have kept their money.

If this policy were adopted, you can bet these super-rich politicos would be more careful with their policies. As things now stand, it’s only the “little people” — you and I — who get hammered whenever their crackpot schemes end in inevitable disaster.

Let them put their money where their ambitions are.