Must-read: The collapse of campaign finance is just beginning

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Early in October, the Supreme Court will hear oral argument in McCutcheon v. FEC, a major challenge to campaign finance limits asking the Justices “to remove the almost four-decade limit on the aggregate amounts any contributor can give directly to candidates and parties for federal elections in a single cycle,” says Al Hunt.

Under current law, a rich contributor, who can spend any amount on independent efforts or super-PACs, is limited to donations of $74,600 an election cycle to the party committees; in addition, a total of $48,600 can be given to individual candidates.

Here’s what would happen if the court strikes down these aggregate limits: Let’s say that for 2016, a presidential candidate – Hillary Clinton, for example — set up what’s called a joint fundraising committee. She could then ask…Jeffrey Katzenberg to give directly almost $1.2 million to her committee, in addition to his other political spending… Although most of this money is supposed to go to state parties or other campaign committees, the Clinton campaign would effectively control it. That adds considerable value and clout for any donor.

SCOTUSblog has everything you need to know about the case, including a symposium of experts highlighting key issues.

Via The Political Wire.

Peter Schorsch is the President of Extensive Enterprises and is the publisher of some of Florida’s most influential new media websites, including SaintPetersBlog.com, FloridaPolitics.com, ContextFlorida.com, and Sunburn, the morning read of what’s hot in Florida politics. SaintPetersBlog has for three years running been ranked by the Washington Post as the best state-based blog in Florida. In addition to his publishing efforts, Peter is a political consultant to several of the state’s largest governmental affairs and public relations firms. Peter lives in St. Petersburg with his wife, Michelle, and their daughter, Ella.