Dr. Paul, Sen. Tuberville Introduce Legislation to Repeal Corporate Transparency Act, Protect Small Businesses

FOR IMMEDIATE RELEASE:
January 21, 2025
Contact:Press_Paul@paul.senate.gov, 202-224-4343

WASHINGTON, D.C. –Recently, U.S. Senators Rand Paul (R-KY)and Tommy Tuberville (R-AL)introduced theRepealing Big Brother Overreach Actto repeal theCorporate Transparency Act(CTA) and protect small businesses. Signed into law as part of the Fiscal Year 2021 National Defense Authorization Act (NDAA), the CTA requires individuals with an ownership interest in a limited liability company (LLC) to disclose personal data with the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN). The CTA specifically targets American small business owners – and failure to comply could result in up to two years of jail time and fines of up to $10,000 per violation.
“TheCorporate Transparency Actis harmful government overreach that invades the privacy of American small business owners and costs millions in compliance,”said Dr. Rand Paul.“The CTA’s authoritarian tactics must be repealed. I am proud to support theRepealing Big Brother Overreach Act.”
“TheCorporate Transparency Actis an outright attack on the 32 million small businesses in this country,”said Sen. Tuberville. “This includes farmers, restaurants, gyms, and lawn service companies. The CTA specifically targets working Americans with an LLC, and failure to comply could put business-owners in jail for up to two years per violation—plus $10,000 per violation. Small businesses are the backbone of this country, and the CTA is a slap in the face to each and every small business owner. This is an unprecedented big government overreach, and it must be repealed immediately.”
The bill has been endorsed byover 100 trade organizationsincluding: the National Federation of Independent Business, the S Corporation Association, and Americans for Tax Reform.

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