New regulations addressing tax loopholes, electronic visas, and mortgages are slated to add $1.8 billion in regulatory costs in 2016, according to a new study out of the American Action Forum.
Thus far in 2016, federal regulators finalized 293 new regulations, adding $164.2 billion in regulatory costs and 132.2 million paperwork hours. The per capita regulatory burden for 2016 is $507.
There are 39 new proposed regulations that, if enacted, could tack on an additional $1.8 billion in costs, with $249 million in annual regulatory burdens, and 2.3 million paperwork hours.
A rule to establish an electronic visa update by the Department of Homeland Security (DHS), which would require nonimmigrant aliens to periodically enroll in the visa system before traveling within the U.S., presents $1.5 billion in costs and $168 million in annualized costs.
The Department of the Treasury finalized over 380 new regulatory rules, designed to limit companies from using interest payments from domestic operations to avoid the corporate tax rate. Initial estimates for compliance costs for U.S. companies is $224 million, with $54 million in ongoing burdens and 735,000 paperwork hours.
Another interesting finding in this study are the ongoing costs of Obamacare. Since the passage of the Affordable Care Act, $51.6 billion in additional cost burdens to state and private-sector entities are identifiable, along with 173.4 million in paperwork hours.
Obamacare is reportedly in the midst of a death spiral: 17 co-ops have failed, the Tennessee Health Commissioner says the healthcare exchanges in the state are “very near collapse,” insurance companies in North Carolina have become a “financial sinkhole,” and very few health experts have positive things to say about Obamacare’s future. (RELATED: Obamacare ‘Very Near Collapse,’ In Tennesee, Says Insurance Regulator)
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