Alan C. Posted April 30, 2014 Posted April 30, 2014 U.S. Regulatory Costs Are World's No. 10 Economy Compiling reports of compliance costs from various government agencies and outside sources, author Clyde Wayne Crews found that the "regulation tax" imposed on the economy now tops $1.86 trillion.By comparison, Canada's entire GDP is $1.82 trillion. India's is $1.84 trillion.The problem, Crews notes, is that the combined cost of this "tax" never shows up anywhere in the federal budget — or any other official report — even though it is now bigger than individual and corporate income taxes combined.As a result, "policymakers find it easier to impose regulatory costs relative to undertaking more government spending," Crews notes, "because of the lack of disclosure and accountability for regulatory costs."Among the findings in the report:On a per-household basis, federal regulatory costs average $14,974, which is more than the typical household spends on just about anything else.When regulatory costs are combined with federal spending, Washington's share of the economy rises to an eye-popping 31%. Also see: Why Can't Chuck Get His Business Off the Ground?
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