[[Are political donations, and expenditures tax deductible? That could be cured. Indeed they could be tax add-backs.]]
I think at least the law could specify that political contributions -- beyond some minimal level such as $200 -- could not be counted as either business expense or deductions.
[[And it would presumably not be difficult to require all television advertisements and broadcasts, and films to carry the identity of the maker and broadcaster or distributor so that the Revenue could check the costs.]]
The most effective policy would be for the FCC to require that the sponsors of political ads must be identified prominently and clearly (no "Citizens For Freedom," etc.) at the BEGINNING of the ad -- pretty much like infomercials are introduced as "The following is a paid promotional program."
But I like Thom Hartmann's idea even better: All office holders & candidates would have to wear patches showing the logos of their corporate sponsors, the way NASCAR drivers do.