Reason Magazine reports on the costs of regulation as published in Wayne Crews's annual study on the size of federal regulation.
The compliance costs alone are enormous. The Competitive Enterprise Institute's report Ten Thousand Commandments 2015 estimated that it costs consumers and businesses almost $1.9 trillion—more than 11 percent of current GDP—to comply with current federal regulations. That exceeds the $1.82 trillion that the IRS is expected to collect in both individual and corporate income taxes for 2015. The report notes, "Federal regulation is a hidden tax that amounts to nearly $15,000 per U.S. household each year."
Read the full article at Reason Magazine.