"On January 1, 2024, new Beneficial Ownership Information (BOI) reporting requirements went into effect. The reporting requirements were implemented under the Corporate Transparency Act (CTA), which was designed to strengthen national security tools by identifying shell companies that may be used for illicit activity. The goal of the CTA was to balance the national security interests of law enforcement with reporting companies’ burdens and civil liberties."
This big government wet dream bill that created the B.O.I. requirements was spear headed by, Janet Yellen (IMO a full blood Globalist agenda implementor in philosophy), Joe Bidens Treasury Secretary from 2021 to 2025.
The Democrats passed this bill with the help of the RINO's in Congress. ALL business owners were required to enter their personal information about who owns their business in a data base for the Federal Government. Information that every state in which they are operating already has. And in order to enforce this new requirement if you failed to file the proper information you as a legally operating business owner in your own country could / would be fined $500 per day up to $10,000 AND a potential 2year prison sentence! FOR NOT FILING A PIECE OF PAPER!
Does that seem a bit extreme to you? It did to me. Seems an invasion of privacy, overly punitive and unconstitutional!
"A federal district court in Alabama has ruled that the Corporate Transparency Act (CTA), which requires the reporting of beneficial ownership information (BOI) by businesses, is unconstitutional."
I guess the powers that be at the time within government (D) REALLY, REALLY wanted that information in their central data base. The same administration that sought to hire 87,000 new IRS agents. Hmmm.
“The Treasury Department has announced that they are suspending all enforcement of the outrageous and invasive Beneficial Ownership Information (BOI) reporting requirement for U.S. Citizens,” Trump wrote in a post. “This Biden rule has been an absolute disaster for Small Businesses Nationwide.”
One mentality has to do with absolute authoritarian control and instilling the fear of imprisonment in the American private business realm. And the other mentality has to do with freedom of the Entrepeneur to found, run and proser in America. Two entirely different 180-degree different perspectives.
Guess which philosophy I fully support? Well, done Mr. President and Treasury Secretary Bessent!
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Are you paying attention yet America? JGL 3/3/25
Always On point.