Posted on 11/10/2011 1:13:20 PM PST by inkling
Across the country, people seeking work in harmless occupations, including barbers, cosmetologists, dental hygienists, and even frog farmers, are forced to spend thousands of dollars and otherwise productive hours complying with regulations. The cost of state-imposed regulations in California alone was recently estimated at nearly $500 billion. Federal regulations have been estimated to cost $1.75 trillion per year, which is roughly 14 percent of total national income. All of these incredibly costly regulations slow economic activity and prevent the creation of jobs and wealth. Unfortunately, efforts to rein in excessive regulations have proven inadequate.
The fundamental problem is that government has little reason to stop overregulating because it loses little or nothing from doing so. But there is a powerful way to give government the missing incentive it needs—the regulatory tax credit. This credit would allow taxpayers to reduce their taxes in an amount equal to the cost of complying with excessive regulation. That single change would force policymakers to carefully consider the costs of new regulations and ensure they are truly designed to protect public health and safety.
The regulatory tax credit would also be a powerful job-creation tool. By discouraging overregulation and the costs associated with it, businesses would be freed to invest and hire. In today’s tough economy, the regulatory tax credit cannot come soon enough.
Read The Missing Reform: Regulatory Tax Credits here (PDF at link)
Let's make it simple: restrict Executive branch agencies to enforcement only - no new regulations not passed by Congress!
“there is a powerful way to give government the missing incentive it needs—the regulatory tax credit. This credit would allow taxpayers to reduce their taxes in an amount equal to the cost of complying with excessive regulation”
Whon decides what’s “excessive”? This is a nonstarter.
No more bureaucrats at all, according to the PDF, and no new taxes to “make up the difference.” It would actually compel governmental agencies to reduce regs unless they want budget cuts.
All explained in the PDF.
“Let’s make it simple: restrict Executive branch agencies to enforcement only - no new regulations not passed by Congress!”
SCOTUS let that ship pass long ago.
In Washington, DC, one is supposed to have a BASIC Business License for businesses not otherwise regulated (doctor, lawyer, etc.). This even includes getting a BBL for renting out a spare room. Unfortunately, this license also requires signing a paper that says you do not owe the DC government more than $100. However, the city routinely makes mistakes in a number of areas. For example if there are parking tickets you are contesting, or if a mistake was made regarding your tax returns that is still being resolved, you are out of luck if it is more than $100. Several of my friends have run into these problems, and are either held up in starting a money raising venture or have gone ahead and are operating without a BBL.
“All explained in the PDF.”
I don’t agree. It basically asserts the tax credits will be broad based and aimed at truly excessive regulation because they say so.
I believe there are solutions to that as well . . .
As legislation, won’t happen. Congress knows whence its power comes.
Litigation, however, might work. A case crafted with care may work. Such is the nature of many profitable suits: your action cost me $X, therefore you owe me $X plus court fees. Call the cost of compliance an “unfunded mandate” and work from there.
New Congress in 2012 will have more “outsiders” and a large mandate like that of 2010 to do something radical.
They need to immediately simply pass a Constitutional amendment phasing out Federal government borrowing.
It would be difficult but not impossible.
All other government fiscal problems then start to correct.
Without doing that, we’re just wasting our time thinking about what Congress does, because they are simply creating a sovereign debt bubble that will cause horrendous and unnecessary misery for American citizens.
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