Honestly, I do kind of like the idea, but if there's one thing I believe on it is a very, very strong right to privacy -- that is, not only do you have the right to spend money however you like, you have the right to do so
without the government knowing.
Senate Republicans killed it via the filibuster
While the whole point is moot (the House would've killed it if it passed), surely you don't believe in changes
this big being passed in the Senate with just 51 votes? Keep in mind Republicans, who you are ideologically opposed to, are essentially certain to take the Senate either this year (if Romney wins) or in 2014 (if Obama wins). Do you want similarly big legislation passed by the GOP with 51 votes?
Usage of the filibuster can be crazy but this, I would say, is legitimate. (I've noted before that while I support down-sizing the threshold for killing a filibuster from 60 votes to just 55, I do
not support doing away with the filibuster entirely. Did you know before 1977 it actually took 67 votes to kill it, not 60?).