This seems at odds, the IJ argued, with the notion that the failure to allow IRS to further regulate preparers for the current tax season would cause more immediate harm.

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The failure of the proposal does not mean that the International Telecommunication Union will actually seek to regulate the actions of internet companies, but it does leave open the possibility of broader rules that could disrupt the status quo.

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Anti-regulatory zeal and the belief that markets would self-regulate led to an oversight failure in fiscal markets and dire consequences that I would argue are still reverberating today.

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