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In 1994, the vow “to be richer and poorer” had a whole new meaning. My beautiful new bride was ready to put it all in danger with me to start our own business. When we defeated the silver at our wedding, sold what was left, and founded Dunwoody Diamonds USA LLC, it was only 45 days from losing everything.
It's been 30 years since we founded our business and realized our American dreams. My story is a success story, but I faced many challenges and took risks that all small business owners know well. We've made millions of millions, just losing millions, but sometimes we were just trying to turn on the lights. The past four years under Joe Biden have been particularly challenging. Biden's government has put an unnecessary burden on the viability and sustainability of small and medium-sized businesses, particularly minority shareholder companies.
It's difficult enough for small businesses to keep their doors open while managing sales tax, property tax, payroll tax and occupational tax. The list continues. But Joe Biden's government has strangled SMEs even more with escalated and redundant regulations. During the final months of Biden's presidency, Joe Biden took a final blow to American small business owners by trying to implement the so-called “corporate transparency law.” The law called for tens of millions of businesses to report the newly created “beneficial ownership information” (BOI) to the federal government or to impose fines up to $591 a day or up to prison hours. This was another redundant regulation to stop small businesses from getting off the ground.
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Biden's BOI reporting requirements apply to around 33 million businesses, and if they miss a deadline, they could face a penalty of nearly $600 a day or a criminal fine of up to $10,000. Many business owners, already ravaged by Bidenomics, could not afford to divert more than thousands of cash due to redundant fee deadlines. America's dreams seemed bleak due to Biden's overreach and restrictions.
Small business owners waited with concern for President Trump to take office. And on the first day, President Trump began to fulfill his promise to put America first, revive the backbone of the US economy, and eliminate regulations that kill businesses.
President Trump is using his executive branch to quickly recover optimism for small business owners. Under President Trump's order, the Treasury Department has announced the suspension of Beneficial Ownership Information (BOI) requirements. This means that no fines or penalties relating to Biden's business killing regulations will be enforced.
Treasury Secretary Scott Bescent said it best: this is a common sense victory for small business owners across the country. President Trump is going line by line to ensure that all meaningless and burdensome regulations are reversed. Instead of putting a burden on American small businesses to report BOIs, the Treasury will consider rules that only provide additional caution to foreign reporting companies. Protect small businesses and not punish them. Suspending this reporting requirement was a victory for small businesses across the country, but there will be more wins over the next four years.
In President Trump's memorable speech to Congress, he reaffirmed his commitment to defending and empowering American small businesses. Since taking office, President Trump has signed executive orders requiring federal agencies to cut 10 existing regulations for each new regulations created.
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President Trump also overturned the immense excesses of the IRS targeting small and medium-sized businesses under the Biden administration, and retracted all of the Biden administration's recruitment, China and anti-American energy regulations.
In brick and mortar stores, Biden energy regulations were set, setting basic costs to keep the doors even more expensive. If left untouched, businesses would spend another $1,100 on air conditioners, another $2,800 on gas heaters and another $140 on light bulbs. President Trump immediately directed his energy sector to stop these burdensome regulations from being enacted.
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President Trump's promise to enact mutual tariffs level the playing field for American companies, bringing historic investment and employment to the United States. The February employment report revealed that 10,000 manufacturing jobs were created alone last month. The private sector is currently driving job growth, creating over 150,000 new jobs.
As one of the world's most skilled business tycoons, President Trump knows exactly what it takes to make America rich again. President Trump is not only a great friend of mine, but a great friend of small and medium-sized businesses. His powerful and persuasive vision for America is what keeps the government out of the way, unleashes the American spirit, and renews American dreams.
