Critics have paid ample attention to the way inflation has quietly eroded Americans’ wealth under President Biden’s watch. But a new report highlights another huge “hidden tax” the federal government is imposing on us through its reckless overreach.
The Competitive Enterprise Institute’s Clyde Wayne Crews Jr. just released his latest annual study on our seemingly-endless federal regulations—government rules and mandates-that increase the cost of doing business. The expert estimates that, taken together, the sweeping federal regulatory state now imposes a “hidden tax” of $14,684 per US family.
“The cost of government extends well beyond what Washington collects in taxes and the far greater amount it spends,” Crews Jr. explains. “Federal environmental, safety and health, social, and economic regulations and interventions affect the economy by hundreds of billions- even trillions-of dollars annually.” Read more…
