Club for Growth opposes the Corporate Transparency Act and urges all Representatives to vote NO on the bill. A vote on the legislation is expected soon in the House. The results of the vote will be included in the Club for Growth Foundation’s 2019 Congressional Scorecard.
While the Corporate Transparency Act claims it will protect corporations and LLCs in the U.S. from being exploited for criminal gain, it fails to protect them and instead exposes innocent covered individuals to manipulations. The bill requires those seeking to form a corporation or LLC to disclose the beneficial owners of the entity, making it harder to form business arrangements with investors that may desire privacy in their business endeavors to protect themselves from pressure from rivals and even from the company itself. The legislation also creates onerous paperwork requirements, especially on small business owners, that would add countless hours of new compliance costs and thwart productivity, resulting in costly consequences born on the U.S. economy.
Inserting government deeper into the private economy is not economic freedom and liberty. It is economic tyranny and force. While commonsense rules and regulation currently exist to protect against criminal actions in business, this legislation infringes on the job creator and investors, while punishing innovation and entrepreneurship.
Club for Growth Foundation’s Congressional Scorecard for the 116th Congress provides a comprehensive rating of how well or how poorly each member of Congress supports pro-growth, free-market policies and will be distributed to the public.