Saturday, May 17, 2014

Red Tapeworm 2014: Regulations Cost More than Federal Income Taxes

by Wayne Crews on May 16, 2014 ·

This is Part 5 of a series taking a walk through some sections of Ten Thousand Commandments: An Annual Snapshot of the Federal Regulatory State (2014 Edition).  We’ve noted that regulatory costs exceed half the level of federal spending, but the costs are largely undocumented and that official Washington doesn’t particularly care.

Regulatory costs now easily exceed the overall level of individual income taxes collected by the federal government. And they vastly exceed revenue from corporate taxes.  As the chart nearby shows, regulatory costs now tower over the estimated 2013 individual income taxes of $1.234 trillion (individual income tax receipts had fallen substantially during the economic downturn and are rising again at the moment).  Corporate income taxes, estimated at $288 billion in 2013, are dwarfed by regulatory costs (corporate tax receipts had declined by half during the recent downturn).....To Read More.....  

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