Cost of complying with federal regulations hits $1.9 trillion — higher than federal tax burden
Washington Times discusses Wayne Crews's annual report on the size and cost of federal regulations.
“Regulations cost more than the federal income tax,” stated a study released Wednesday by the nonprofit Competitive Enterprise Institute which reveals that the costs of complying with stifling new federal regulations hit $1.885 trillion — higher than the individual and corporate income tax burden of $1.82 trillion.
“It’s a huge hidden tax that amounts to about $15,000 per U.S. household each year,” the study noted.
“The federal government has become very savvy in hiding costs by expanding their reach beyond taxes into regulations,” said lead author Wayne Crews. “Unfortunately, regulatory costs get little attention in policy debates, because unlike taxes, they are difficult to quantify because they are un-budgeted and often indirect. But the impacts of burdensome regulations are very real and increase costs for consumers and businesses, limiting productivity and a thriving free market.”
Read the full article at the Washington Times.