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Now that John McCain has made such a big deal about accepting public financing for the General Election, and he is being officially nominated in a couple of hours, let's see what accepting public financing means.

For John McCain, he is still raising money in the name of "McCain -Palin Victory 2008."  Right there on his website.

The only difference seems to be, the contribution limits have been eliminated.  They discuss how the first tens of thousands of dollars will be divided.

So why are taxpayers paying $85 million to this guy?  Why are newspaper editorial boards applauding his decision to accept public financing?

Here's the exact quote from the McCain website as to where money goes

Contributions to McCain-Palin Victory 2008 ("Victory 2008") are not deductible as charitable contributions for federal income tax purposes. Victory 2008 allocates contributions to the Republican National Committee ("RNC"), the state parties’ federal accounts, and McCain- Palin Compliance Fund ("Compliance Fund") in conformity with federal limits. Unless a contribution would exceed federal limits or a contributor designates otherwise, Victory 2008 will divide contributions as follows:
For Individuals - The first $28,500 will go to the RNC, the next portion will be divided evenly between the Michigan, Missouri, Ohio, and Pennsylvania state parties’ federal accounts up to a maximum of $9,250 for each Committee, and the final $2,300 will go to the Compliance Fund.
For Federal Multicandidate PACs - The first $15,000 will go to the RNC, the next portion will be divided evenly between the Michigan, Missouri, Ohio, and Pennsylvania state parties’ federal accounts up to a maximum of $5,000 for each Committee, and the final $5,000 will go to the Compliance Fund.
Contributions to the Compliance Fund will be used solely for legal and accounting services to ensure compliance with federal law and not for campaign activities. Compliance funds may defray a portion of broadcast advertising, national and state office "overhead", and computer/website expenses. Contributions from corporations, labor unions, federal contractors, and foreign nationals without permanent residency status to Victory 2008 are prohibited. *Federal law requires us to report the name, address, occupation, and employer of any contributor who gives more than $200 in an election cycle (for Compliance Fund contributions) or more than $200 in a calendar year (for RNC and state-party contributions).

So, even if you contribute for the compliance fund after maxing out all your other donations, a portion of that will still go to broadcast advertising.

And finally, why is the McCain campaign saying that Sarah Palin is going to spend   80% of her time at fundraisers ?

By contrast, the Obama campaign website, which has eschewed public financing, asks people to donate no more than $2300:

Your contribution is not tax-deductible for federal income tax purposes. An individual may contribute a maximum of $2,300 per election (the primary and general are separate elections). By submitting your contribution, you agree that the first $2,300 is designated for the primary, and any additional amount up to $2,300 is designated for the general election.

So, this is what public financing and opting out of public financing looks like, I'm glad Obama opted out.

Originally posted to smithnewyork on Wed Sep 03, 2008 at 09:37 AM PDT.

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