It is a pleasure to be with you this morning. As is always the case for a Federal Trade Commissioner, it is important for me to note that my comments today are my own and in no way represent the views of the Commission or of any other Commissioner. Before addressing the topic it might be helpful to share with you some personal thoughts gained from my years of experience as a federal official. In their emotion, I fear they will forget some basic rules of a society built upon private enterprise. Given the tremendous benefits that typically flow from private markets, government intervention in these markets should be undertaken only when it is clearly necessary.
Taxation is a form of regulation.
The history of taxation seems to be 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. Let me put those figures in perspective. And what is even more impressive is that the Internet is still in its infancy.