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The U.S. Department of the Treasury on Sunday announced it won’t enforce the penalties or fines associated with the Biden-era “beneficial ownership information,” or BOI, reporting requirements for millions of domestic businesses. 

Enacted via the Corporate Transparency Act in 2021 to fight illicit finance and shell company formation, BOI reporting requires small businesses to identify who directly or indirectly owns or controls the company to the Treasury’s Financial Crimes Enforcement Network, known as FinCEN.

After previous court delays, the Treasury in late February set a March 21 deadline to comply or risk civil penalties of up to $591 a day, adjusted for inflation, or criminal fines of up to $10,000 and up to two years in prison. The reporting requirements could apply to roughly 32.6 million businesses, according to federal estimates.     

The rule was enacted to “make it harder for bad actors to hide or benefit from their ill-gotten gains through shell companies or other opaque ownership structures,” according to FinCEN.

In addition to not enforcing BOI penalties and fines, the Treasury said it would issue a proposed regulation to apply the rule to foreign reporting companies only. 

President Donald Trump praised the news in a Truth Social post on Sunday night, describing the reporting rule as “outrageous and invasive” and “an absolute disaster” for small businesses.

Other experts say the Treasury’s decision could have ramifications for national security.

“This decision threatens to make the United States a magnet for foreign criminals, from drug cartels to fraudsters to terrorist organizations,” Scott Greytak, director of advocacy for the anticorruption organization Transparency International U.S., said in a statement.

— Greg Iacurci contributed to this article.

This post appeared first on NBC NEWS

MADISON, Wis. — Early voting kicked off in this battleground state this week with computer delays and long lines.

Voters waited as long as three hours Tuesday to cast ballots in West Bend, a city of about 32,000, city clerk Jilline Dobratz said. State computer issues reared up again Wednesday, and by midafternoon, voters had to wait about 90 minutes to vote in the community 40 miles northwest of Milwaukee, she said. Residents were not used to anything like it.

This post appeared first on washingtonpost.com

A former deputy Palm Beach County sheriff who fled to Moscow and became one of the Kremlin’s most prolific propagandists is working directly with Russian military intelligence to pump out deepfakes and circulate misinformation that targets Vice President Kamala Harris’s campaign, according to Russian documents obtained by a European intelligence service and reviewed by The Washington Post.

This post appeared first on washingtonpost.com

Sister Stephanie Schmidt had a hunch about what her fellow nuns would discuss over dinner at their Erie, Pennsylvania, monastery on Wednesday night.

The day before, a Republican operative in the battleground state falsely suggested to his nearly 58,000 followers on X that no one lived at the monastery and that mail ballots cast from there would be “illegal votes.” Cliff Maloney, who hired 120 people to go door-to-door across Pennsylvania urging Republican voters to return their mail ballots, wrote on X that one of those workers had “discovered” an Erie address where 53 people were registered to vote but “NO ONE lives there.”

This post appeared first on washingtonpost.com

DULUTH, Ga. — Former Fox News host Tucker Carlson warmed up the crowd at Donald Trump’s rally here Wednesday night with a dark metaphor, bashing Vice President Kamala Harris and declaring that “dad” was coming home to mete out discipline.

“He’s pissed!” Carlson said to extended cheers. “Dad is pissed. … And when dad gets home, you know what he says? ‘You’ve been a bad girl. You’ve been a bad little girl, and you’re getting a vigorous spanking right now.’”

This post appeared first on washingtonpost.com

Medicaid is quickly emerging as a political lightning rod as House Republicans negotiate on a massive bill to advance President Donald Trump’s agenda.

Some Republican lawmakers are worried about the level of spending cuts being sought by fiscal hawks to offset the cost of Trump’s policies, arguing the current deal could force potentially unworkable cuts on Medicaid and other federal safety net programs.

‘I’m concerned that $880 billion out of [the House Energy & Commerce Committee] is likely very steep cuts to Medicaid – and it’s the very thing President Trump asked us not to do,’ Rep. Don Bacon, R-Neb., told Fox News Digital on Tuesday.

GOP lawmakers are working to pass a broad swath of Trump policies – from investments in defense and border security to extending his 2017 tax cuts and eliminating taxes on tips – via the budget reconciliation process. The mechanism allows the party in control of both houses of Congress to pass a tax and budget bill without help from the opposing party.

But conservative spending hawks are looking for deep cuts in federal dollars to offset money going toward Trump’s priorities. The current resolution advancing through the House would aim to cut government spending by at least $1.5 trillion, while allocating $4.5 trillion toward Trump’s tax cuts.

An amendment added after conservatives balked at that deal would cut funding going toward Trump’s tax cuts by $500 billion if at least $2 trillion total spending cuts were not reached. 

Even before the additional cuts, however, some Republicans like Bacon are concerned that the $880 billion that the Energy & Commerce Committee is tasked with cutting will negatively impact their constituents.

Conservatives have pushed back, arguing that significant cuts could be found in Medicaid work requirements. But skeptics of that argument say that the level of spending cuts being sought go past what work requirements can cover.

‘We want to ensure that it’s not going to hurt… our hospitals, or our organizations that serve the developmentally disabled, and we’re asking for clarity on where the $880 billion in savings come from,’ Rep. Nicole Malliotakis, R-N.Y., the only House Republican representing part of New York City, told Fox News Digital.

She did agree with GOP rebels that there was ‘mismanagement’ and waste to root out in those programs.

Malliotakis and other Republicans on the Ways & Means Committee tasked with writing tax policy are also uneasy about the new amendment that could cut funds allocated to their panel.

‘I don’t think that is doable without affecting beneficiaries, and I’ve expressed that concern to leadership and in talking to some of my colleagues,’ Malliotakis said.

Another House Republican who declined to be named told Fox News Digital that ‘there’s a bunch of us’ who think the proposed cuts ‘are too big.’

‘They’re trying to sell us $1.5 trillion, but in reality, there’s another $500 billion attached to it that they’re trying to cut. And it’s not going to pass,’ the GOP lawmaker said.

Meanwhile, Rep. Rob Bresnahan, R-Pa., who unseated a Democrat in a close race last year, wrote on X over the weekend, ‘I ran for Congress under a promise of always doing what is best for the people of Northeastern Pennsylvania. If a bill is put in front of me that guts the benefits my neighbors rely on, I will not vote for it.’

The budget reconciliation process allows legislation to advance with only GOP votes by lowering the threshold for Senate passage from two-thirds to a simple 51-seat majority. The House already operates on a simple majority.

But currently, Republicans can lose just one vote in the House to pass anything on party lines – meaning they can afford almost no dissent to get their reconciliation bill over the line.

Rep. Ralph Norman, R-S.C., a conservative on the House Budget Committee who would not have supported the resolution last week without the last-minute amendment, told reporters last week, ‘Medicaid’s got to be in it. You don’t get to the [$1.5 trillion figure], much less two, without it.’

‘And it’s not cuts to Medicaid. Work requirements have an $800 billion savings on it… able-bodied 40-year-old men who can work don’t need to be on Medicaid,’ Norman said.

Democrats are waiting to pounce on the discord.

The House Majority PAC, which is aligned with House Democratic leadership, released a memo on Tuesday accusing Republicans of seeking to make ‘deep cuts’ to Medicaid ‘to fund $4.5 trillion in tax cuts to Elon Musk and other billionaires.’

‘In battleground congressional districts across the country, House Republicans are putting Medicaid on the chopping block – a move that would rip life-saving health care away from tens of thousands of their own constituents – roughly half of whom are children,’ the memo said.

But according to Ways & Means Republicans, the average American household could see taxes raised by over 20% if the Trump tax cuts expired.

This post appeared first on FOX NEWS

Nearly everyone agrees that the federal government has become this bloated monster that needs to be cut down to size.

The massive bureaucracy, attacked by some as evil, is absurdly overstaffed and wastes massive amounts of money.

What President Trump is doing in trying to shrink the size of government is popular – even if his billionaire budget-slasher, Elon Musk, is not – and many of the court battles are likely to be resolved in his favor.

But the equation is turned on its head when actual people feel the impact. And the media start highlighting sad cases of devastated folks. And Republican lawmakers start objecting to the cutbacks that hit home.

That’s why it’s so hard to cut the federal budget. It’s not like going into SpaceX and firing a bunch of software engineers. The political pressures can be intense.

Virtually every program in the federal budget is there because some group, at some time, convinced Congress it was a good idea. There are noble-sounding causes – cancer research, aid to veterans, subsidies for farmers.

In fact, farmers are threatened by the near-abolition of USAID – while most people hate foreign aid, food programs provide a crucial market for American farmers, many of whom are now stuck with spoiling surpluses or loans they can’t repay.

Now there’s plenty of game-playing that goes on with government programs. Let’s say, for the sake of argument, that agencies could cut one of every 10 employees without damaging their core functions. 

Anyone who’s looked at the endless cycle of conferences, conventions, training confabs, office renovations and the like knows how much fat there is in these budgets. When you throw in lucrative payments to well-connected contractors, that figure skyrockets.

But when agency officials come under fire, they immediately insist that any cutbacks will instantly hurt the poor and downtrodden, or working-class folks living paycheck to paycheck. It used to be called the Washington Monument defense, the notion that any attempt to reduce funding for the Interior Department would cause the memorial’s immediate shutdown.

NIH, for instance, does world-class research that benefits the country. But the battle between Musk’s DOGE and the institute centers on how much is spent on indirect costs.

Musk says his aim is ‘dropping the overhead charged on NIH grants from the outrageous 60 percent to a far more reasonable 15 percent.’

But an NBC story is headlined: ‘NIH Cuts Could Stall Medical Progress for Lifesaving Treatments, Experts Say.’

The piece quotes Theodore Iwashyna, a physician at the Johns Hopkins School of Medicine, as saying his ‘father had pancreatic cancer, and the care plan developed for him existed only because of research funded through organizations like the NIH.’

Iwashyna says the overhead is needed for ‘computers, whiteboards, microscopes, electricity, and janitors and staff who keep labs clean and organized.’

Alabama Sen. Katie Britt, whose state is getting $518 million in NIH grants, mainly to the University of Alabama at Birmingham, is raising objections. The conservative Republican told a reporter she wants the administration to take a ‘smart, targeted approach’ so as not to endanger ‘groundbreaking, lifesaving research.’

The examples are legion. Alaska Sen. Lisa Murkowski has asked the administration not to restrict funding for diversity programs among American Indian tribes.

As the New York Times puts it, ‘some Republicans’ have sought ‘carve outs and special consideration for agriculture programs, scientific research and more, even as they cheered on Mr. Trump’s overall approach.’

Musk’s DOGE team seems to be using a meat-ax method. Why lay off hundreds of FAA technicians and engineers just weeks after the fatal plane crash at Reagan National Airport, when there’s already a major shortage of air traffic controllers?

FEMA, which is already stretched thin after the Los Angeles wildfires and the Kentucky flooding, is preparing to fire hundreds of probationary workers, reports the Washington Post. Such workers, who have been with the government for one or two years, basically have no rights. 

But there has been zero effort to assess them. Some were told their performance was the issue, but showed the Post their evaluations. ‘Above fully successful,’ said one, for a fired GSA worker. ‘An outstanding year, consistently exceeding expectations,’ said the review for a fired NIH staffer.

But viewed from a different angle, the hometown paper and other outlets buy into the notion that federal employees should have tenure for life. Everyone in Washington knows that before Trump it was virtually impossible to fire such employees, even for cause. 

By contrast, Southwest Airlines just announced a 15% cut of its corporate workforce. No one is rushing to interview those laid off, because this sort of downsizing is routine in the private sector. But the Beltway ethos is that federal workers are entitled to their jobs.

Now intellectual honesty requires the observation that even radical cuts to the federal payroll won’t have much impact on the $840 billion budget deficit or the $36 trillion federal debt. The bulk of the budget consists of Social Security, Medicare, Medicaid, defense spending and interest on the debt.

Can Elon Musk and DOGE at least make progress on rooting out waste, fraud and abuse? Maybe. But the level of pain being inflicted on ordinary Americans, including in red states, and the natural tendency of politicians to shield local residents from that pain, and the media’s relentless spotlight on those suffering, are going to be a giant obstacle.

This post appeared first on FOX NEWS