If we had functioning government, this could possibly work.

Instead, in the current national regime, it has a tendency to ossify current laws. Most legislation can only pass when the stars align (one party has house/senate/president), so even fine legislation would regularly ‘expire’ and not get renewed.

Business planning is also thrown by self destructing legislation. A stable regulatory regime allows businesses to invest appropriately and optimally. Changing regulations more often (via expiring laws that might or might not renew) will necessarily introduce inefficiency.