Ever wonder about the amount of federal regulation in meaningful terms? We hear that there's too much regulation but how can it be quantified in a way that helps us understand it? Thanks to The Heritage Foundation we have one interesting measure.
The cost of complying with federal regulations seems like a reasonable way to measure how burdensome it might be becoming, wouldn't you agree? Let's assume we wanted to compensate businesses for the cost of complying with federal regulations by paying for it out of collected federal income taxes. What percentage of federal income taxes would it take? More than 100% of it!!! Can you get your head around that? I can't! ALL the income taxes collected by our federal government wouldn't be enough to compensate companies for the cost of regulatory compliance.
Think for a minute how much the cost of compliance adds to the cost of things we buy. To be specific it adds $1.75 TRILLION to the cost of doing business in America!!! Here's another perspective. It costs businesses nearly as much to comply with federal regualtions as it costs the federal government to run the country!!!
BTW, here's the relevant link: http://www.nationalreview.com/exchequer/268214/regulatory-hangover
Good Grief!!!
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