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Wednesday, 16 August 2017 06:34

Shock: Bill for regulations higher than taxes to Uncle Sam, $3.7T total

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American taxpayers and corporations not only paid a combined record $1.85 trillion in taxes to Uncle Sam so far this year, but they've also been hit with a $1.9 trillion bill in regulatory and red tape costs, according to a new analysis.

The final bill so far is $3.7 trillion, according to the regulatory watchdog Competitive Enterprise Institute.

The record federal income and corporate tax receipts are "still no match" for the cost of regulation for cost of regulations, said Clyde Wayne Crews, vice president for policy and director of technology studies at the Competitive Enterprise Institute.

While income and corporate taxes are "easy to see," he said in a new report, "no one really knows or can know the ‘other' cost of government, that of interventions and regulatory mandates."

He estimates it at $1.9 trillion, though some projections go as high as $4 trillion, and they totally offset profits.

The costs of red tape and regulation are being targeted by President Trump and his budget team. So far, they've make huge cuts and are cutting some 16 old regulations for every new one they implement.

Crews wrote:

Corporate income taxes collected by the U.S. government, estimated as noted at $278 billion for 2017, are dwarfed by regulatory costs.

Read more at WashingtonExaminer

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