GOP: 40% of every small-business dollar goes to pay for federal regs
By ANDREW MALCOLM
Posted 10/13/2012 09:14 AM ET
I’m proud of what we’ve accomplished (getting his family’s plumbing business out of deep debt - PeteS), especially when I think back to how unsure I was about what I was getting into. Many of the folks I meet on the campaign trail have the same hesitation about the challenges our country is facing. They ask me, have we gone too far off track? Do you really think we can turn this around?
My answer, hands down, is yes. And I know exactly where I and many of my fellow small businesses would start.
Right now, I spend more than 40 cents of every dollar the company takes in on complying with regulations. You heard that right: more than forty cents. When I first started using that figure, people would say, ‘wait, you’re talking about taxes too, right’? Nope, that is just what we spend on regulations.
You don’t have to take my word for it. The Small Business Administration recently revealed that federal regulations cost small businesses $1.7 trillion per year.
And this is before most of ObamaCare takes effect.
Some regulations are necessary, e.g. building codes. But these aren’t the subject of this speech. The paperwork to “prove” compliance with a rats nest of regs - non-discrimination, disposal of toxics the business doesn’t even use, “safety” regs that similarly have nothing to do with the business, regs and tax laws that have employee head-count trip-wires … . High taxes and excessive regulations are strangling businesses by diverting $$ and people resources from the activities of the business and possible expansion; the threat of more taxes and further regulation create uncertainty that cause businesses to hold back from trying to grow. A tax-and-regulate government, like Pres. Obama’s, like Gov. Brown’s (and Schwarzenegger before him) stifle business and kill jobs.