By James L. Gattuso
Federal regulation is a hidden tax on American consumers and the U.S. economy,
and the total cost, according to a recent study conducted for the Small
Business Administration, is a staggering $1.1 trillion—about the same amount
the federal government collects in income taxes every year. These costs
come in various forms: the cost of paperwork filled out by businesses,
higher prices at stores, hampered innovation, and sometimes even reduced
health and safety. While some regulation is necessary, such as rules to
protect against fraud, much of it is both unneeded and counterproductive.
Policymakers should work to reduce the overall burden of regulation on
Americans.
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