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Support Small Business Saturday: Carol Roth Explains How Crushing Pro Act and FenCen Regs Would Help

AP Photo/David Goldman, File

Black Friday just ain't what it used to be. Thousands of people cramming themselves through the doors of their local Walmart. More than willing to trample a random stranger to death, like they had open floor seats to see The Who in Cincinnati. All to ensure they got 40% off the waffle iron they're getting for Aunt Martha.

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Fist fights over the must-have toys or the new limited edition Nikes. Back in the day, Black Friday was blood sport.

America's own 'Running of the Fools.'

Gladiator shopping days are over. These days, 'Black Friday' sales start weeks before, while more and more people stay home to avoid crowds and traffic altogether and shop online. The super sales on the first official weekend of the Christmas season have also been expanded to include 'Small Business Saturday' and 'Cyber Monday.' Both help small businesses find their niche market without the expense of a traditional brick-and-mortar store, especially in the retail space.

Sure, the brick-and-mortar retailers are still there. We all have a favorite antique store or local 'Mom-and-Pop' bakery, but the little guys have also moved to cyberspace. Online stores or websites like Etsy have provided a medium for small home businesses to thrive. 

Order cookies from that local bakery. Pick up some unique Christmas gifts at that antique shop and shop small businesses online as well.

Ronald Reagan once said, 'The most terrifying words in the English language are: I'm from the government, and I'm here to help.' 

Ask any small business owner, independent contractor, or gig worker, and they'll tell you that Reagan was correct. The biggest threat to gig workers and independent contractors may be the "ProAct."

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The Protecting the Right to Organize Act, or 'ProAct,' is proposed federal legislation that would, in part, kill state-level Right to Work Laws and allow unions to collect dues from all employees in a workplace, even those who are not members of the union.

Since 2019, the 'ProAct' has twice passed the House of Representatives but died in committee in the Senate. The latest version, in 2023, made it to the floor of the Senate but did not have enough votes to beat a Republican Filibuster.

Most thought the possibility of the 'ProAct' becoming law ended on Election Day when Donald Trump defeated Kamala Harris.

Donald Trump has nominated Lori Chavez-DeRemer to serve as the Secretary of Labor in a move praised by Union leadership.

Others do not share Mr. O'Brien's enthusiasm.

The post continues.

 This is a slap in the face to freelancers who literally chose Trump to rid themselves of the PROACT threat and the crappy DOL contractor rule from Biden-Harris. FIX THE CONTRACTOR RULE AND NUKE THE PROACT. If anyone has access to Trump's ear can you make him aware of this issue? Not cool. Not cool.

 Chavez-DeRemer's connection to the 'ProAct' has been a primary cause of concern.

The nomination does not guarantee enough votes in the Republican-controlled House or Senate, but small business owners face a more immediate threat.

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A mandate from the US Treasury's Financial Crimes Enforcement Network, or FenCen, will require small business owners to file Beneficial Ownership Information (BOI) by January 1. Failure to do so may result in fines or even jail time.

Carol Roth explains this very real threat on The Dana Show.

'$500 a day and possible jail time for noncompliance to a rule that most business owners don't even know exists.'

Of course, large corporations and financial institutions are exempt from this mandate. Without action, this mandate will wreak havoc on the small business community in a few short weeks.

Reagan was right. 'I'm from the government, and I'm here to help' are, without a doubt, the most terrifying words in the English language. Small business owners are now depending on that same government to fix this mess before it's too late. 

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