OPINION:
While progressives consume the public with political theatrics, a dangerous and underreported law is quietly advancing. The Corporate Transparency Act, championed by the extreme left, masquerades as a tool to combat terrorism and financial crime. In reality, it imposes crushing burdens on small businesses, making survival in today’s economy even harder.
Despite claims that it is not a tax law, the Corporate Transparency Act, or CTA, imposes invasive reporting requirements on small-business owners, including submitting personal information such as identity documents and even marriage certificates to the Treasury Department’s Financial Crimes Enforcement Network. These unnecessary and complex regulations come with draconian penalties — fines of up to $10,000 or even two years in prison for minor paperwork errors.
The CTA is another crushing obstacle for small-business owners already navigating inflation, labor shortages and skyrocketing taxes under the Biden administration. The damage is especially pronounced in under-resourced communities, particularly among Hispanic entrepreneurs.
The U.S., the second-largest Hispanic country in the world, benefits enormously from the community’s resilience, determination and contributions. Representing the fastest-growing entrepreneurial sector in the nation, Hispanic-owned businesses accounted for 36% of new ventures last year, driving economic growth, creating jobs and generating billions annually.
From corner stores to landscaping businesses, these entrepreneurs work tirelessly — not for government handouts, but for opportunities to succeed — enriching our culture, strengthening communities and fostering generational wealth.
These businesses embody the American dream, built on hard work and ingenuity. But instead of supporting these vital economic drivers, the Biden administration prioritizes control, with policies such as the CTA piling on unnecessary costs and red tape that threaten their success.
The law undermines the entrepreneurial spirit that fuels America’s economy. Treating honest entrepreneurs like criminals assumes guilt without cause, reflecting an Orwellian overreach that contradicts the principles of a free society. Small businesses, the backbone of America, are being punished by a government intent on control rather than empowerment.
If combating financial crime were truly the government’s goal, it would focus on multinational corporations and offshore accounts, where wrongdoing is well documented. Instead, the CTA unfairly targets small businesses, hurting the people who drive economic recovery and innovation.
The America First movement advocates empowering entrepreneurs, rewarding hard work and reducing government overreach. Unlike the Biden administration, we advocate cutting red tape, increasing funding for minority- and women-owned businesses, expanding access to contracts and supporting workforce development. These policies enable businesses to thrive.
Americans are resisting radical policies such as the CTA, which threaten freedom and stifle opportunity. The CTA is not just bad policy; it’s an assault on the values that define the American dream. Congress must protect the job creators — especially Hispanic entrepreneurs — who are building America’s future.
Small businesses are the cornerstone of our economy. By dismantling laws such as the Corporate Transparency Act, we can preserve the entrepreneurial spirit, champion hard work, and ensure the American dream remains alive for generations to come. Together, we can create a government that supports its people rather than punishing them for their success.
• Bob Unanue is a senior adviser for America First Works. He is president and chief executive officer of Goya Foods and Goya Cares and served as executive producer of the movie “Sound of Freedom.”
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