Or the government can choose policies that hinder or stifle electronic commerce's development. This is the choice that we confront today. The history of taxation seems to indicate that every time a new product, a new industry, a new form of social organization, or even a new economic concept of income or wealth has arisen, governments have moved to tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it.
Taxation is a tangible form of regulation.
That same requirement should apply to the tax code. While fundamental tax reform is clearly far beyond the scope of your Commission, I believe we would all be remiss in our various responsibilities if we failed to consider the long-term consequences of not implementing fundamental tax reform. My current vantage point is that of a regulatory policymaker and law enforcer. Congress created the FTC, and has given the FTC authority to act in certain situations in which government intervention in private markets may be needed. The role of the FTC is to enforce laws against conduct or transactions that are anticompetitive and against unfair or deceptive acts or practices.