Federal regulations added record-breaking costs of $2.1 trillion for the average American in 2023, according to a study from the Competitive Enterprise Institute (CEI) released Tuesday.
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 administration helped drive the surge in regulatory costs, completing 97 rules with costs of $100 million or more.
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