Recent evidence is ominous.
Bill Bradley has proposed suppressing issue advocacy ads of independent groups by imposing a 100 percent tax on such ads. John McCain has said he wishes he could constitutionally ban negative ads - ads critical of politicians. The basis of political-speech regulation is the 1971 Federal Election Campaign Act. Because of it, for the first time Americans were required to register with the government before spending money to disseminate criticism of its officeholders. Liberals eager for more regulation of political speech should note the pedigree of their project.