One of the biggest lies about the GOP tax bill was that all the tax cuts were going to the top 1 percent. In reality, the tax burden was shifting from the middle class to the top 1 percent and the wealthy.
However, there is one class of wealthy who will benefit disproportionately from this bill: Lobbyists.
According to Politico, the biggest tax overhaul in the past 30 years has created a unique opportunity for lobbyists on K Street, who, by consensus, welcome the new tax bill for how much work and money they'll bring in for the foreseeable future.
The best way to summarize how much money they're guaranteed by the new tax law is a quote from Russ Sullivan, a lobbyist at McGuireWoods Consulting and a former aide to the tax-writing Senate Finance Committee, who told Politico, "If you want to use insurance terms, tax lobbyists just purchased an annuity that will provide benefits for years."
Here's why it matters: Companies throughout the country are combing through the new tax law to see how it affects them. And they're prepping their lobbyists to approach the Treasury Department to draft rules and make changes to the existing law that would benefit them the most. Additionally, companies and trade groups are expected to lobby lawmakers to vote on a technical corrections bill, which would address many of the mistakes and oversights made in the initial tax bill.
It's expected to take several years to fully address everything that the initial tax bill got wrong.
Should we have expected that lobbyists and K Street would increase their influence in Washington with the passage of this bill? Of course. It's the nature of the beast. But it's certainly not a "gift" to the wealthy and elite class. They still have a lot of work ahead of them and are working for every penny coming their way to fix what the tax bill messed up for the private sector.
We never said it was a perfect bill.