With a 4-year election cycle, without the policy it costs 10 RT to re-elect and you gain 4 back over the years, so 6 per cycle. With it, it's 5,2. This means eight re-elections is 48 RT or 42, giving you an extra re-election for the same RT. That's 32 years, not a completely unreasonable lifespan for a ruler who starts at 30, which quite a few of them do (I have no numbers regarding ruler age, though). 12*32 is 384, the amount of mana you spend keeping the policy in place but one cycle of a 6/6/6 brings in 18*12*4=864 mana, earning you 864-384=480 mana, plus 32 years of 10% increased taxes, which the policy also gives you (though that's not part of the question).
Other than what has already been said, I think the calculation needs to take into the account of opportunity costs as it would be misleading otherwise.
Using your example of a 4-year election cycle:
6/6/6 for four years earn you 864 total mana.
Policy costs is 384 mana in sword or paper (pluto-admin is paper).
Thus, total gain in this instance would be 864 - 384 = 480 mana as you mentioned.
However, the alternative to not reelecting, is getting a 4/1/1 ruler for 4 years.
4/1/1 for four years earn you 288 total mana.
There are no policy costs, since that is the reason you don't get another election.
Thus, the total gain would be 288 total mana.
Thus, the difference between taking the policy and not taking the policy is actually 192 total mana in 32 years (480-288) or 6 mana PER YEAR. This is all assuming that everything goes according to plan where your ruler never dies before reelection and you balance out roughly the negative and positive RT events and modifiers.
That is not to say that this is completely insignificant: 6 mana per year (under perfect planning), can mean about 600 total mana in about 100 years. You also get a +10% tax, so might as well, right?
But in consideration that you pretty much have to have get an ideal scenario just to get some minor gains in mana and other points mentioned by other posters, notably by TheMeInTheTeam, I really think that this policy doesn't elevate the value of plutocracy at all.
EDIT: Corrected miscalculations, the policy is better than I had stated previously.
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