WASHINGTON – U.S. Senator Tommy Tuberville (R-AL) penned an op-ed in Newsweek exposing an egregious new regulatory burden being placed on hardworking American small business owners as a result of the Corporate Transparency Act (CTA). Senator Tuberville and Congressman Warren Davidson (R-OH) plan to introduce legislation repealing the CTA.
Read excerpts below or the full op-ed here.
“The Corporate Transparency Act (CTA) is a classic example of intrusive big-government overreach. It places a new compliance burden on main street Americans with an LLC, and failure to comply comes with criminal penalties that could land you behind bars. […]
Few in Washington and most outside the D.C. beltway have no idea this law exits – much less the heavy criminal penalties associated with noncompliance. […]
Unsurprisingly, large businesses with powerful lobbyists got a carveout in the law and do not have to comply with the CTA. While the little guy has to struggle with all this red tape, LLCs with more than 20 employees and greater than $5 million in revenue do not have to file with FinCEN—another win for the special interest groups over We the People.
The slim percentage of small business owners who are aware of the CTA’s existence are looking for compliance guidance but have few places to turn. Accounting and law firms do not want to take on the responsibility of filing for clients, and many industry professionals are unaware of the repercussions associated with failure to file. […]
To add insult to injury, FinCEN has done little to nothing to educate Americans on the CTA and the harsh consequences of noncompliance.
I am introducing the Repealing Big Brother Overreach Act to overturn the CTA in its entirety. My bill would provide millions of small businesses and entrepreneurial Americans with regulatory and compliance relief and remove a weapon for political persecution from rouge prosecutors and the IRS. I am proud to be joined in this effort by Congressman Warren Davidson of Ohio, who is filing a companion bill in the U.S. House of Representatives.
If Congress fails to act on this legislation, millions of American small business owners could be in for a rude awakening next year.”
Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, and HELP Committees.
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