The takeaway here is that businesses below a certain size should face less regulation. This makes sense, both because regulatory capture is a real problem, and because smaller businesses have far less legal and economic leverage.

Modulo EBITDA per employee.

Of course, those regulations should step in gradually -- sharp cliffs are pretty much always antipatterns when it comes to regulation, law, and government services.

Yes, I know in France that companies try and get around this by splitting into lots of smaller firms, but that's an issue for the regulators and the specific legal framework.

Nobody ever said these things are easy.