Greg Newburn from Liberteaser has a:
We all know that limits on campaign donations violate the First Amendment, and act as an “incumbent protection racket.” So we don’t want those. As such, here’s my plan: Remove all limits on donations to political campaigns. However, for every $100,000 an incumbent candidate spends above $1 million, that candidate’s personal income tax rate goes up 1%. Challengers can spend any amount they want, with no limits.
Let me play devil’s advocate and say that the likely response would be that incumbent campaign money would be funneled into PACs. Of course this is all theoretical, so who cares about loopholes, really.
I have to agree with the concept of his idea though, it should be harder to get reelected back to your job than to get it in the first place.