Boom Times for Lobbyists

The line snaked out of the Treasury Department building onto the sidewalk and down the street. Lobbyists in three-piece suits and Gucci shoes were waiting for the Treasury Department's 262-page, blue-bound Tax Reform for Fairness, Simplicity and Economic Growth. The Government printed 5,500 copies but quickly sold out the $8 volume, so great was the demand. Marveled a Treasury spokesman: "It looked like a soup kitchen for the well-heeled."

Even as the assault began on tax reform, scores of other special interests mobilized to sink the wish list of spending cuts floated by Budget Director David Stockman. Rarely if ever have so...

Want the full story?

Subscribe Now


Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!