New York Gov. Eliot Spitzer has proposed making drug dealers pay taxes on their drugs. They could buy stamps to attach to bags indicating that the tax man has had his share of the sale. It's not a new idea, but it's certainly a weird one. Cutting wasteful government spending might be a more effective—and lucrative—way to fill state coffers. I once thought Spitzer was a politician to watch for a presidential run in 2012 or 2016, but now I'm not so sure.