EXCERPT: The horrors mount. As Eric Lipton and Liz Moyer reported for The New York Times on Sunday, in the last days before the bill’s passage “lobbyists swooped in” to save, at least for now, a loophole worth more than $1 billion to Wall Street investors and the hotel, restaurant and gambling industries. Lobbyists even helped draft crucial language that the Senate Democratic leader Harry Reid furtively inserted into the bill. Lipton and Moyer wrote that, “The small changes, and the enormous windfall they generated, show the power of connected corporate lobbyists to alter a huge bill that is being put together with little time for lawmakers to consider. Throughout the legislation, there were thousands of other add-ons and hard to decipher tax changes.”
No surprise to read that “some executives at companies with the most at stake are also big campaign donors.” The Times reports that “the family of David Bonderman, a co-founder of TPG Capital, has donated $1.2 million since 2014 to the Senate Majority PAC, a campaign fund with close ties to Mr. Reid and other Senate Democrats.” Senator Reid, lest we forget, is from Nevada. As he approaches retirement at the end of 2016, perhaps he’s hedging his bets at taxpayer expense.
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