Question
In: Finance
Who has more power to regulate business- the states or the federal government? Who should have...
Who has more power to regulate business- the states or the federal government? Who should have more power?
Solutions
Expert Solution
Federal government is the primary and important body of USA, It is more powerful than any state government. It divides power between central, state and local government. Central, state and local government work for a single system.
Whatever business you are doing, You need to follow rule, policies, laws and regulations of Federal and state government. Federal Government imposes tax on each and every kind of business that they have to pay. Many companies pay state tax, that depends upon state to state, some states do not impose tax on business. Federal government imposes income tax, employment tax, excise tax, wealth tax etc. It makes employment and labor law, environmental protection law, consumer and investor protection law. Each company in USA has to get registered under Federal law. Federal government protects the public by promoting general welfare.
Many state and local government have their own importance and business requirements. They are as important as federal government. They cannot be ignored.
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