Last year Americans paid $989 billion in income taxes (Happy Tax Day!). What you probably don’t know is that federal regulations cost as much as the income tax plus another quarter-trillion — $1.24 trillion in all.
Wayne Crews catalogues the damage in the freshly-released 2010 edition of “Ten Thousand Commandments.” Well worth a read.
If you don’t have time to read the full study, Wayne and I summarize the main findings over at AOL News.
A few numbers you should be aware of: 3,503 new regulations passed last year. Hardly any were repealed. More than 95 percent of the cost is off-budget, since the private sector pays for regulatory compliance costs. That means the burden of government is about a third higher than what it spends — in all, about 30 percent of the economy goes to paying for the federal government