“This is a much-needed piece of legislation that will help small businesses succeed, not suffocate.”
WASHINGTON – Today, U.S. Senator Tommy Tuberville (R-AL) penned an op-ed in the Washington Examiner about his bill, the Repealing Big Brother Overreach Act , or S. 100. This legislation will repeal the disastrous Corporate Transparency Act (CTA) and protect small business owners from intrusive government overreach. In the piece, Sen. Tuberville talks about how small businesses have been crushed the last four years by the Biden Administration’s disastrous economic policies and how the threat of fines and jail time for noncompliance with the CTA only makes matters worse.
Read excerpts of the piece below or here.
“The CTA requires people with ‘substantial control’ over a company, an equity position of 25% or greater, to disclose personal data to the Treasury Department’s Financial Crimes Enforcement Network. People with a CTA filing obligation must report their name, date of birth, address, and a scan of their government-issued photo ID to the Treasury Department. Any time this information changes, updated information must be submitted to FinCEN’s database within 30 days.
As if these new requirements aren’t daunting enough for small business owners, those who fail to comply with the law can face up to $10,000 in fines and up to two years in prison. The CTA’s provisions originally required business owners to file by Jan. 1. An injunction is blocking the law from taking effect, but there is no telling how long the injunction will hold.
America’s small business owners have been forced to storm a rocky economy under an administration that has been hostile to them for four years. Now, debilitating fines and jail time are on the horizon. It is unacceptable that small business owners need to overcome laws such as this in America today. It’s big government overreach at its worst.
That is why, this week, I reintroduced my bill, the Repealing Big Brother Overreach Act, to overturn the CTA in its entirety. I am proud to be joined in this effort by Rep. Warren Davidson (R-OH), who is filing a companion bill in the House of Representatives. This is a much-needed piece of legislation that will help small businesses succeed, not suffocate. It will stop Big Brother from bearing down on them, threatening to throw them in prison for noncompliance. […]
As America enters a new golden age with the election of President-elect Donald Trump to his second term, we need to unleash the power of small businesses in the country. Small businesses are the bedrock of the American dream. I am calling on my Senate colleagues to support my legislation so we can get the federal government off the backs of business owners and let them flourish. Because when they flourish, America flourishes.”
Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, HELP, and Aging Committees.
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