The deregulation policies President Donald Trump and members of Congress have pushed since January could save the American taxpayers and government billions a year, according to a think tank report.
A number of regulatory actions Trump and Congressional leadership recently advanced, including the Congressional Review Act (CRA), are expected to save in excess of $86 billion for taxpayers, American Action Forum reports. Additionally, these policies could save $18.8 billion in annual regulatory savings.
Congress has signed 13 CRA resolutions that would repeal Obama era regulations. American Action Forum found that 5 of the 13 regulations would have cost more than $86 billion in federal funds. The author of the study notes that is unclear whether taxpayers would see savings in a year or in a decade, offering no specific time frame. They also add that it isn’t clear whether it would save the full $86 billion.
The president has also signed multiple executive orders aimed at rolling back Dodd-Frank and other financial, banking and labor regulations. Trump is adamant that tax and regulatory reform will take a backseat until his administration can pass health care reform. (RELATED: Dodd-Frank Reform Makes Its First Reveal)
Government imposed regulations not only force undue burdens on private business and states but also on taxpayers, Mercatus Center reports. When governments levy taxes or impose regulations on business, the costs are not incurred solely on the part of the producers. Producers will shift that cost onto the consumer in the form of higher prices
Lawmakers often sell regulations as a means of protecting the poorest, most vulnerable consumers from outrageous price increases or other unfair competitive practices. Yet Mercatus reports the group that incurs the burdens of heavy regulations are the exact group they intend to help.
The group that gets hit the hardest, in the majority of cases, from higher regulations are those in the low-income group, according to Mercatus. Low earners devote a large swath of their monthly budget towards goods and services like energy and produce, which are among the most heavily regulated
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