Every American knows about the income tax. But how many are aware of the regulatory tax? That’s the cost of all regulations (good, bad and indifferent) imposed on Americans by the 60 or so government agencies that contribute to the 175,000-page (and growing) Code of Federal Regulations. The fact that we don’t hear nearly as much about the regulatory tax doesn’t mean it isn’t substantial. As Heritage Foundation scholar James Gattuso notes, “While the revenues and expenditures of the government are accounted for each year, the costs of regulation are largely hidden from view, paid for indirectly via higher prices,...