New Government Rule Declared UNCONSTITUTIONAL (Do NOT File!): BOI Report

in today's video I have great news for you so the government created the corporate transparency act so this forces small business owners in the US to report their personal information to the financial crimes enforcement Network so they said December 31st was a deadline failure to do so failure to comply would result in a $10,000 fine and an additional $591 penalty every day and up to 2 years of imprisonment and I just want you to know that this was targeting small businesses because large companies that make $5 million or more they were exempt they didn't have

to do this so This received so much criticism so many complaints of government overreach and how it was unfair now here's the great news the national Federation of Independent Business took this to court in Texas the plaintiff was Texas Top Cop Shop so late yesterday they ruled that this was a violation of the Constitution and they imposed a nationwide injunction so judge mazant said that the corporate transparency act overstepped the Constitutional boundaries that regulation business regulation Falls within the jurisdiction of the states not federal so here's what you need to know if you are a

small business and you did not file your Boi Report with finsen you don't need to however the federal government can try to fight this with an appeal after a potential appeal if both parties are not satisfied then they can they can take this to the Supreme Court however for now unless a court stops the injunction you do not need to file your Boi report so the reason why judge mazant gave an injunction was because this was a violation of the Fourth Amendment given the extensive personal information that was required so the fourth the fourth amendment

protects people from unreasonable searches and seizure by governments and companies registered under state law giving information to the federal government would create a new form of federal power therefore this was unconstitutional so this would add compliance costs to small businesses it was estimated to be about $22 billion so there are also no clear safeguards to protect our personal information okay so here's my opinion I believe that this is a big win for small businesses I'd say thank goodness as a small business owner myself I already expressed in my previous video how bogus that I thought

this whole process was and with the Trump Administration coming in I I highly doubt that they're going to seriously fight this because as you know Trump is all about deregulation and also I want to point out that this was done in Texas so if you see a Texan be sure to thank them okay so what a glorious day today's a great day that's great news please subscribe I thank you for the support and I wish you a very nice day take care