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Government ties millstone around economy's neck
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According to research by Robert Half International, two of the top jobs in terms of salary prospects for 2010 are tax accountant and compliance director. The fact that these two vocations both work to untangle the web of regulations created by government speaks volumes about the U.S. economy.
Despite what some on the left believe, the United States does not operate under a laissez faire economic system. Government regulates at an increasingly burdensome rate, and the level of regulation and taxation will only increase if Congress ultimately passes health care reform and cap and trade legislation.
All of this regulation and taxation comes at a huge cost. Americans can easily see the direct cost of taxes and regulatory programs, but the actual costs soar even higher due to the extraordinary amount of time and money spent on compliance
According to the Tax Foundation, a non-partisan, non-profit research organization, American businesses and individuals spend over 6.6 billion hours per year filling out tax forms. That amounts to a workforce of 2,884 million people working full time. The cost of tax compliance in 2005 was $265.1 billion or 22 cents of every dollar collected.
A study chartered by the Small Business Association estimates the cost of complying with federal and state regulation at $1.1 trillion per year.
This bodes well for those working for the government, or in the field of corporate accountancy and regulatory compliance, but it will only result in an ever-shrinking economy and lost jobs for the rest of America.
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