Anyone who currently owns an LLC will be required to report the names, addresses, birth dates and tax identifier numbers (SSN or EIN) of LLC members to FinCEN beginning next year or face a $250,000 fine and up to ten years in prison.
Here's something that's flying under the radar that you freaks should be aware of; as of January 1st, 2024 the Corporate Transparency Act will go into effect and anyone with a US domiciled LLC will be required to report personal identifiable information to the Financial Crimes Enforcement Taskforce. I highly recommend you go read the whole thread that Matt put together. It's a 20-tweet deep dive into what's going on, how insane it is and how lawyers should approach the new law when it goes into effect in less than four months.
Anyone who currently owns an LLC will be required to report the names, addresses, birth dates and tax identifier numbers (SSN or EIN) of LLC members to FinCEN beginning next year or face a $250,000 fine and up to ten years in prison. All under the guise of protecting US citizens from "terrorist financing". As Matt mentions in his thread, with the CTA enacted as law the "Land of the Free" will now be running with the assumption that anyone who is a member of an LLC is a terrorist financier. Give up your information directly to an enforcement arm of the Treasury or else you'll be labeled a potential terrorist. This is real rich if you consider the fact that every US taxpayer could be considered a terrorist financier due to the fact that the US federal government and the military industrial complex that controls it could easily be considered the largest terrorist organization on the planet.
If the egregious affront to privacy rights wasn't bad enough, all of this information is going to be stored by the same government that couldn't produce a working website for Obamacare. Creating a massive honeypot of data of millions of people, many of whom have a lot of wealth. And that's where the signal is with this move. The government is drowning in debt, inflation is running rampant, and confidence in its ability to do anything productive is falling quickly. The government is losing control and when superpowers begin to lose power they lash out and try to seize control with brute force. The CTA will make it significantly easier for the government to exert that force and maintain their grift by creating a database of individuals and businesses they can target to confiscate wealth when their debt issuance and printing doesn't suffice. The kleptocrats will exhaust every avenue possible to keep the clown show going.
Wealth confiscation is the norm during times of economic distress and fiscal irresponsibility. The US government is currently paving the path to confiscate vast swaths of wealth from American citizens and foreigners who have specifically sought out LLCs domiciled in the US to protect their privacy and find safety in the confines of a country that has had a strong rule of law. They're attempting to legitimize the new law with "protect the country from terrorism" wrapping paper, but don't let the facade fool you, they're grasping for power and using Orwellian data collection to strike fear and frustration into people.
Do you think you live in a free country, anon?
The joy kids have while on the way to get ice cream on a perfect Summer night is so pure.