Red Tape, Hidden Taxes and Regulation


Business in the United States continues to struggle not only with the sluggish economy, but also the burdensome regulations imposed by the federal government. One study estimates put the total cost of federal regulation on business in the United States over $1 trillion. The staggering cost of regulation is a significant burden for American businesses, with small businesses bearing an especially heavy burden. The coming years will see a significant increase in regulation, as federal agencies write new regulations to implement ObamaCare and the Dodd-Frank financial services reform legislation, as well major environmental regulations being pushed by the EPA. Regulatory reform is essential to ensure these regulations that do not impose costs that exceed their benefits. Cost-benefit analysis, risk assessment, risk prioritization, and market-based incentives are fundamental components that should be included in any reform of the process. In a global marketplace, the United States cannot afford to hamper its economic growth with excessive and unnecessary regulations.