How much is $1.1 Trillion?

  1. Each of us owes $10,172 , THAT's how much.

    [font=Arial, Helvetica]A study conducted by W. Mark Crain, a George Mason University economist determined federal regulations cost consumers and businesses $1.1 trillion every year, with a disproportionate burden falling on small businesses. If each American household paid an equal share, each would owe $10,172. [font=Arial, Helvetica]According to the study, these regulations cost $2,400 on a per-employee basis, creating a financial burden that is 45 percent greater for small businesses.

    [font=Arial, Helvetica]Environmental and tax compliance regulations are the driving force in what causes the most severe burden on small businesses. For example, the cost of tax compliance is 67 percent higher in small firms than the cost in large firms.

    [font=Arial, Helvetica]Even though regulations burden businesses, it does not mean consumers are not affected. Often times, businesses will look to pass on the regulatory costs to consumers, when they can, in the form of higher prices.

    [font=Arial, Helvetica]Federal regulations are frequently overlooked by the general public and are less visible than taxes or spending.

    [font=Arial, Helvetica]Through regulation, Congress can implement new programs without having to spend tax dollars to fund them. According to the Cato Institute, the passing of new regulations allows Congress to avoid accountability and blame agencies for costs.

    [font=Arial, Helvetica]In the absence of a third party evaluation, it is unclear whether the 'benefits' truly outweigh the 'costs' of a federal regulation, since many agencies perform self audits that almost never declare a particular regulation unnecessary.

    [font=Arial, Helvetica]For those interested, CLICK HERE for the entire report. (PDF warning)
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  2. 3 Comments

  3. by   Mkue
    ya know this ticks me off.. small businesses get screwed all the time.. it was no different when Clinton was in office. I wish someone would finally realize small businesses are the backbone of our country. sheesh.
  4. by   Roy Fokker
    Wait, so regulations that tax people in order to help out 'small businesses' in Alaska is fine but this is not?

    Me confused
  5. by   Mkue
    Quote from Roy Fokker
    Wait, so regulations that tax people in order to help out 'small businesses' in Alaska is fine but this is not?

    Me confused
    see the other thread

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