WASHINGTON, D.C. (July 8, 2026) – Wall Street Journal Opinion Columnist William McGurn published an opinion piece outlining the importance of repealing the Corporate Transparency Act’s (CTA) Beneficial Ownership Information (BOI) reporting requirements and the consequences for small businesses if Congress fails to act soon.

McGurn writes:

“Congress is putting a major Trump victory at risk. The victory came in March 2025 when the Treasury announced it would spare U.S. citizens and U.S. companies with fewer than 20 employees and $5 million or less from an onerous regulation requiring they declare their beneficial owners.”

[…]

“The good news is that so long as Mr. Trump remains in office, the law is unlikely to be enforced. But NFIB President and CEO Brad Close worries that could change once Mr. Trump leaves office or if Democrats retake Congress in the coming midterms.

“’President Trump’s decision to exempt American small businesses from the unconstitutional Beneficial Ownership Information mandate eliminated more than $128 billion in regulatory costs,’ Mr. Close says. ‘If Congress fails to fully repeal BOI or codify President Trump’s action, small businesses remain concerned that a future administration could reimpose this costly mandate and its severe penalties.’”

[…]

“The wonder is that Republicans haven’t already seized the issue to emphasize their credentials in standing up for small businesses. This is an opportunity to draw a line between the party that believes in the ingenuity of America’s smallest entrepreneurs and the party that believes that drivers of wealth and opportunity are there to be taxed and regulated. Deregulation has been one of Mr. Trump’s shining achievements—he ought to demand that Congress acts.

“‘Large corporate competitors and Wall Street are exempt from this mandate—it only applies to Main Street small businesses,’ says Mr. Close. ‘Small-business owners aren’t looking for a handout, they just want the government to get out of the way and let them grow, hire and give back to their communities.’”

Read the full op-ed here.