Tommy Tuberville: “I have come to the Senate floor today to talk about the Corporate Transparency Act or, as we call it in DC-- in swamp…”

“I have come to the Senate floor today to talk about the Corporate Transparency Act or, as we call it in DC-- in swamp speak--the CTA act. The CTA, to me, is one of the worst examples of Big Government overreach that I have seen since I got to Washington over 3\1/2\ years ago. That is saying a whole lot, since our country is $34 trillion in debt. The CTA was signed into law in 2021 as part of the fiscal year 2021 NDAA. Simply put, the Corporate Transparency Act is an outright attack on the 32 million small businesses in this country. This includes farmers, restaurants, gyms, lawn service companies. The CTA specifically targets working Americans with an LLC, and failure to comply could put you in jail for up to 2 years per violation plus slap on $10,000 per violation. That is quite a penalty. You know, I don't know about you, but I have plenty of friends and family members who have an LLC. It is just part of the way the U.S. economy works--capitalism. Small business and LLC owners play a huge, huge role in supporting this country and our way of life. I can tell you most business owners have no idea that this law exists--none, not one bit. The Corporate Transparency Act requires individuals with substantial control over a company or an equity position of 25 percent to disclose personal data with the Treasury's Financial Crimes Enforcement Network. Now, that is a long name.…”