$2.1 Trillion ‘Hidden Tax’: Cost of Federal Regulations Hit Record High in 2023, Report Says
Federal regulations added costs of $2.1 trillion for the average American in 2023, according
to a study from the Competitive Enterprise Institute. The eye-popping sum, which incorporates the calculated impact of federal regulations as well as compliance costs, resulted in a “hidden tax” of $15,788 per U.S. household, and was equivalent to nearly 8 percent of GDP, the CEI’s annual “Ten Thousand Commandments” report found. The Biden admin helped drive the surge in regulatory costs, completing 97 rules with costs of $100 million or more.
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