The term "makin' paper" is slang for earning money.
An example of this can be found in Alicia Key's song "Unbreakable", where she sings:
"See, we could act out like Will and Jada (Will and Jada)
Or like Kimora and Russell makin' paper, oh yeah..."
This statement is completely accurate taking into account the fact that Russell Simmons co-founded the successful Def Jam Recordings, is CEO of Rush Communications Inc., and was a member of the successful hip-hop group Run-DMC. Not to mention, he makes an exceptional amount of money from his Phat Farm clothing line, as does his wife, Kimora Lee Simmons from her Baby Phat clothing line (an extention of Phat Farm). I would definately agree they are "makin' paper", hah.
Marty: "Damn, did you hear how much Scientolo-psycho Tom Cruise got for starring in 'Mission Impossible: 3'?"
Cooper: "Hell yeah. That dude is makin' paper majorly."