Categories: Arizona Politics

Trump Continues Pro-Small Business Approach, Guts BOI Rules

President Donald Trump’s Treasury Department recently announced that it will not enforce the Corporate Transparency Act’s (CTA) beneficial ownership information reporting rule (BOI). 

BOI rules, originally designed to combat illicit business transactions, fraud, and money laundering by requiring businesses to disclose their ownership’s identity, have faced criticism for being allegedly unconstitutional and burdensome for small businesses. 

Specifically, businesses have complained BOI rules’ ambiguity causes uncertainty over who qualifies as an owner, exposing businesses to an undue burden of fines, penalties, and potential prosecution if they make a mistake when disclosing required information. 

Moreover, the CTA’s overall constitutionality faced legal challenges as impacted businesses claimed the federal government does not have the authority to proscribe such economic regulations. 

President Trump criticized BOI rules as “outrageous and invasive” via a Truth Social post where he also promised further action to definitively eliminate BOI. 

“This Biden rule has been an absolute disaster for Small Businesses Nationwide,” said Trump.  “Furthermore, Treasury is now finalizing an Emergency Regulation to formally suspend this rule for American businesses. The economic menace of BOI reporting will soon be no more.”

The BOI rule enforcement suspension will be limited to companies registered in the US. 

Treasury Department Secretary Scott Bessent qualified the move as “common sense.”

“Today’s action is part of President Trump’s bold agenda to unleash American prosperity by reining in burdensome regulations, in particular for small businesses that are the backbone of the American economy,” said Secretary Bessent. 

Trump has pledged to support American small businesses and has lobbied for Congress to pass measures such as enshrining the Tax Cuts and Jobs Act (TCJA) and no taxes on tips. 

The TCJA mainly reduces personal income and corporate taxes among other regulatory tax reforms.

A recent study conducted on behalf of the National Federation of Independent Business found making the TCJA permanent would create 1 million jobs annually.

Mateo Guillamont

Recent Posts

Nguyen Announces Joint Study Hearing on Prison Safety Measures

State Representative Quang Nguyen (R-1) has announced that the Joint Ad Hoc Study Committee on…

2 days ago

Kelly, Gallego Demand Answers from DHS for Slow Response to AZ Cyberattack

Senators Mark Kelly (D-AZ) and Ruben Gallego (D-AZ) jointly wrote to Secretary of Homeland Security…

3 days ago

Arizona Votes to End Green Energy Rules for Power Companies

Arizona's utility regulators have decided to eliminate rules that require power companies to buy renewable…

3 days ago

Governor Hobbs Wants Federal Investigation of Grand Canyon Fire After Revealed Mismanagement

Arizona Governor Katie Hobbs is demanding answers after a massive wildfire at the Grand Canyon…

3 days ago

AG Mayes Warns of Deadly Fentanyl Crisis On National Fentanyl Awareness Day

As new data shows the devastating severity of the opioid crisis, Arizona Attorney General Kris…

3 days ago

The Arizona Free Enterprise Club Is Demanding An Investigation Of The 2022 Gubernatorial Campaign

The Arizona Free Enterprise Club has filed a formal complaint against Arizona State University, claiming…

3 days ago