The only way significantly to reduce the influence of money on politics is to establish a totalitarian state that strictly controls all the tools of mass persuasion. This may be what the McCainiacs secretly want, but McCain- Feingold doesn't move us very far in that direction. They are making the symbolic point that, notwithstanding the first amendment, the government can regulate the process of political persuasion. McCain-Feingold also serves as a symbol for the populists in Congress. It is difficult for those with a passion for leveling to find any outlet for their passion that won't offend most voters.
Egalitarianism is passe.
But for some reason many people who are far too sensible to be upset because money buys better food, housing, education and medical care are susceptible to the poisonous idea that money shouldn't be able to buy access to a wide audience for political ideas. Campaign finance reform is a symbolic promise that the populist campaign against the evils of wealth will rise again. The symbolism of campaign finance reform is revolting, but neither new nor particularly damaging. Our elected officials have always been hostile to freedom of political speech. The Republic was still in its infancy when Congress passed the Alien and Sedition Acts.