President Trump is making moves to bring a Golden Age to American small businesses
In 1994, the vows "for richer, for poorer" had a whole new meaning. My beautiful new bride was ready to risk it all with me to start our own business. We were just 45 days away from losing everything when we pawned off our wedding silver, sold what we had left, and founded Dunwoody Diamonds USA LLC.
It has been 30 years since we founded our business and fulfilled our American dream. My story is a success story, but I faced many challenges and took the risks that every small business owner is familiar with. There were times when we made millions only to lose millions, and at times we were simply just trying to keep the lights on. The past four years under Joe Biden were particularly challenging. Biden's government overreach placed unnecessary strain on the viability and sustainability of small businesses, especially minority-owned businesses.
It's already challenging enough for a small business to keep its doors open while managing sales tax, property tax, payroll tax, occupational tax—the list goes on. But Joe Biden's government overreach further strangled small businesses with escalated and redundant regulations. During the final months of Biden's presidency, Joe Biden dealt America's small business owners a final blow by attempting to implement the so-called "Corporate Transparency Act." The law required tens of millions of businesses to complete newly created "Beneficial Ownership Information" (BOI) reports to the federal government or risk fines up to $591 a day, or even prison time. This was just another redundant regulation to stop small business from getting off the ground.
Biden's BOI reporting requirements applied to almost 33 million businesses, and missing the deadline could result in a penalty of nearly $600 per day or criminal fines of up to $10,000. Already devastated by Bidenomics, many business owners couldn't afford to fork over thousands in cash for missing deadlines on redundant fees. The American Dream seemed bleak with Biden's overreach and regulations.
Small business owners—just one more fee away from closing down—were anxiously awaiting President Trump's return to office. And on Day One, President Trump began to deliver on his promise to put America First, revive the backbone of America's economy, and eliminate business-killing regulations.
President Trump is using his executive authority to quickly restore optimism to small business owners. Under President Trump's directive, the Treasury announced the suspension of the Beneficial Ownership Information (BOI) requirement, meaning no fines or penalties associated with Biden's business-killing regulation will be enforced.
Treasury Secretary Scott Bessent said it best: this is a commonsense victory for small business owners across the country. President Trump is going line by line to ensure every pointless and burdensome regulation is reversed. Instead of burdening America's small businesses with BOI reporting, the Treasury will consider rules that will only pay additional attention to foreign reporting companies. Protecting small businesses, not punishing them. Suspending this reporting requirement was a victory for small businesses across the country, but there are many more victories to come in the next four years.
In President Trump's memorable address to Congress, he reaffirmed his commitment to defend and empower America's small businesses. Since taking office, President Trump signed an executive order requiring federal agencies to cut 10 existing regulations for every new regulation created.
President Trump also reversed the enormous over-expansion of the IRS that took place under the Biden administration to target small businesses and rescinded every one of the Biden administration's job-killing, pro-China, anti-American energy regulations that cripple small businesses.
For brick-and-mortar businesses, Biden's energy regulations were set to make the basic costs of keeping the doors open even more expensive. If left untouched, businesses would have spent $1,100 more on air conditioners, $2,800 more on gas heaters, and $140 more on light bulbs. President Trump immediately directed his Energy Department to stop those burdensome regulations from going into effect.
President Trump's promise to enact reciprocal tariffs is leveling the playing field for American companies and bringing historic investment and jobs to the United States. The February jobs report revealed 10,000 manufacturing jobs were created last month alone. The private sector is now driving job growth, creating over 150,000 new jobs.
As one of the world's most accomplished business tycoons, President Trump knows exactly what it takes to Make America Wealthy Again. President Trump is not only a great friend of mine, but a great friend for small businesses. His powerful and compelling vision for America is one that gets government out of the way, unleashes the American spirit, and renews the American Dream.
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