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Fundraising in office promises to amplify the already staggering conflicts posed by campaign contributions and contributors' expectations of political rewards in exchange. It institutionalizes private players as dominant stakeholders in the public power structure, whose influence counts for more than any voter's, or even group of voters. And the public, in turn, comes to understand government as little more than a resource to support private business.

Government already has a mighty fundraising tool: the legal power to tax its citizens. If that power has waned in recent years, it's only because elected officials themselves have deliberately kept it on the sidelines. "It's kind of funny that you cut taxes," observes Sherrill, "and then you try to run the government on the basis of tax-deductible contributions."