Personally I'm in favour of a system where it's done
both ways. Most countries have a bicameral legislature in which one branch is a bit of a joke. My idea is that there should be a "House of Representatives" and a "House of Taxpayers", both of whom need to sign off on any bill.
In the election for the House of Representatives, everyone gets an equal vote. In the election for the House of Taxpayers, everyone gets a vote precisely proportional to how much tax they pay.
That way, the interests of everybody are balanced -- the folks who are affected by a new law and the folks who have to pay for the new law have both signed off on it.
It's a pipe dream, I know, but it'd be nice to see a country where the most competent citizens are appreciated rather than punished.