Kansas NFIB member explains how The Corporate Transparency Act would hurt small business
NFIB member Kathy Peterson is worried about a bill Congress is considering right now. It’s called The Corporate Transparency Act and it would mean more work and less privacy for small business owners across Kansas. Peterson, who owns Heartland Seating, a small business that specializes in bleacher seating, recently wrote a letter to the editor that was published in The Wichita Eagle.
As a small-business owner, I’m used to one-size-fits-all government regulations. However, the latest attempt is simply a bad bill that would make it nearly impossible for me to grow and create jobs here in Kansas.
The idea behind The Corporate Transparency Act of 2019 sounds reasonable. Supporters set out to address law enforcement concerns over the misuse of US corporate entities to conceal assets. However, the execution completely misses the mark.
It would require employers like myself, with fewer than 20 workers, to file frequent reports with the federal government. This is time consuming and unproductive, not to mention arbitrary and prejudicial. I don’t have a legal department to keep my business up to speed with government mandates. I’m the one who will shoulder the brunt of these proposed regulations, taking up precious time that could be spent creating jobs.
I’m also worried that the bill’s promise of “transparency” is really a violation of privacy. The federal government would keep and collect my personal information for years, even if my business shuts down. We live in a time where government agencies are being targeted and suffering from internal leaks. Let’s stop this bad bill now.
