In recent decades, regulation has grown steadily more and more complex. Tremendous effort and cost has shifted from the core production functions of finance, marketing, sales and production to the ancillary activities related to compliance. Larger organizations can afford these compliance costs – more regulation actually gives them an advantage. Many laws allow smaller organizations can opt out of the most burdensome rules, but this ends up hindering the growth of those organizations. Growing across the ‘compliance line’ can be extremely costly.
People face unreasonable roadblocks in making their ideas reality – and even greater roadblocks as they try to grow their organizations. Just as unregistered companies in many parts of the world are prevented from growing by legal thresholds, our legal small businesses can’t afford to grow.
All of this limits human potential and reduces the dynamism of our economy.
This is why the Potentialist Party will consistently support simpler regulatory schemes. Unfortunately, at this point, we believe this requires an arbitrary limit on the length of laws. We suggest 5 pages – any more than that and what you’re proposing is another prescription for cost, confusion, manipulation and accidental law breaking.
But we will do far more than level the playing field.
With the Conservation, Creation and Charitable Incentive Tax we will massively simplify tax compliance for individuals as well as organizations large and small. There will be no annual returns and only one kind of tax to pay. We will simplify employee compensation, eliminating all payroll taxes and most pay-related regulations. In addition, the healthcare Private Treatment Accounts will make healthcare the responsibility of the individual. We can’t understand why, in today’s economy, employers are involved in their employees’ healthcare.
The Potentialist Party will unlock small business with massive regulatory and tax simplification.