According to law360.com, Federal regulations are costing U.S. taxpayers nearly $1.9 trillion annually in compliance costs, which effectively serve as a “hidden tax” surpassing the revenue the government pulls in from individual income tax collections, according to a report released Tuesday by a public policy think tank. Meanwhile, the federal government raked in $1.3 trillion in individual income taxes last year, the report says.On average, regulatory compliance costs $1.88 trillion annually, and if U.S. households fully bore the responsibility for that amount, they would each pay nearly $15,000 a year, says CEI’s annual Ten Thousand Commandments survey of federal regulations.
“If it were a country, U.S. regulation would be the world’s tenth-largest economy, ranking behind Russia and ahead of India,” the report says. “U.S. regulatory costs exceed each of the [gross domestic products] of Australia and Canada, the highest income nations among the countries ranked most free in the annual Index of Economic Freedom and Economic Freedom of the World reports.”
The report also adds that the federal government’s share of the U.S. economy now exceeds 30 percent when regulatory costs are added to the $3.5 trillion the government spent in 2014.
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