This thread is a spin-off from the flag-burning thread, as suggested by Gaderene.
Buckley v. Valeo found that campaign contributions were a form of free expression, but nevertheless permitted them to be limited. The basis was essentially the USSC saying they think these limits are a good idea, so screw the 1st Amendment. (See a discussion at: http://www.campaignfinancesite.org/court/buckley1.html )
To see the idiocy of the decision, consider the following arguments:
The Court ruled that campaign contributions ARE a kind of speech, but they can be limited nevertheless. Can you imagine the Courts finding a book partially pornographic and ruling that it could be sold, but limiting the number of copies to, say, 1 million copies? If donations are free speech, they shouldn’t be restricted at all.
“The Court found no evidence to support the appellants’ allegations that the contribution limitations discriminated against nonincumbent candidates.” (see cite) So what? There’s nothing in the Constitution about free expression affecting non-incumbents and incumbents differently. (BTW, this finding is also ridiculous. It’s quite obvious that incumbents have a huge advantage, which might be offset by a large amount of money.)