Every American should oppose this small business mandate: op-ed
By Don Jones
This is a guest opinion column
It’s been exactly 50 years since I started my small medical equipment business in Alabama. Over the past half-century, I’ve learned many lessons, but one remains constant: be wary of new mandates from Washington, D.C.
The Corporate Transparency Act, a law passed in 2021, is a prime example. This mandate, which aims to provide transparency, actually gives federal bureaucrats unprecedented access to small businesses, with a high risk of abuse. It requires approximately 32 million small business owners to submit personal information to a new federal database, accessible to law enforcement without a warrant.
The potential consequences are alarming:
- High Compliance Costs: Compliance is estimated to cost small businesses $128 billion, placing a significant strain on their ability to create jobs and support communities.
- Penalties: Non-compliance could result in a $10,000 fine or even two years in prison.
- Duplicative Effort: This mandate adds to the already excessive reporting requirements from various government agencies.
Furthermore, small businesses like mine already face numerous burdens and regulations, making it harder to grow and contribute to our communities.
I urge Congress to repeal the Corporate Transparency Act and provide much-needed relief to small businesses. Senator Tommy Tuberville is leading the charge in the Senate, and it’s encouraging to see Rep. Mike Rogers prioritize this issue.