The past few years have not been a good time to be an American small business owner. But hope is on the horizon.President Joe Biden likes to claim that his economic agenda is about building 'from the bottom up and the middle out'—but his policies have been devastating for the small businesses that constitute the engine of the American economy.Small businesses account for nearly half of all private-sector jobs in the United States.
An estimated 32 million business entities are affected by the new law, which imposes five-figure fines and potentially even jail time for entrepreneurs and investors who fail to provide detailed personal information to the Treasury Department's Financial Crimes Enforcement Network. Naturally, this hurts small businesses more than large corporations, which can employ high-priced lobbyists and make large campaign contributions.