We have term limits for elected state officials in California and it hasn't meant an end to parties. It just means that after so long they run for different positions, but they are just as partisan as ever.

The left wants campaign limits only for corporate donations while special pleading for union donations. Libertarians argue against limits because of the First Amendment and the right to free speech. Donations are considered political speech. If there are going to be limits they should be across the board with no exceptions. However the reason for the high costs that require high funding is advertising, especially television ads. They are hugely expensive.