Guinta cutting red tape in Washington
Over the last two years, I have seen firsthand the heartache that the onerous regulatory environment is causing small business owners. My accounting practice has had to deal with business closings and owners who struggle to even pay to have their tax returns prepared.
Congressman Frank Guinta is helping to lead Washington down the right path for a change with the recently passed REINS Act. It requires Congress to take an up-or-down, stand-alone vote, and for the President to sign-off on all new major rules before they can be enforced on the American people, job-creating small businesses, or State and local governments.
Major rules are those that have an annual economic impact of $100 million or more. Last year, 100 major rules were finalized by the Executive Branch.
A recent study commissioned by the Small Business Administration found that annual regulatory compliance costs in the United States hit $1.75 trillion in 2008. A staggering figure that exceeds the total collected from income taxes that year ($1.449 trillion).
Not all regulations are bad and many provide important public safeguards. However, when a proposed regulation could have an impact in the hundreds of millions or even billions of dollars on our economy, it should be subject to the review by the elected representatives of the people.
If the REINS Act becomes law, our elected Members of Congress will be accountable to their constituents on the question of whether a new regulation is truly needed, or is an unnecessary burden. This will encourage Congress and agencies to work together to develop and pass regulations that implement the original intent of laws.
Most importantly, the REINS Act would prevent Administrations from either party from bypassing Congress to implement a political agenda through regulation, as we have seen so often from President Obama.
I hope the United States Senate passes the REINS Act and puts it on the President’s desk, though Obama has already threatened a veto. We need more leaders like Frank Guinta in Washington, DC.
Tom Rochette is the owner of Rochette Tax Professionals in Deerfield.