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https://warpcast.com/~/channel/politics
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MM
@listen2mm.eth
Get in y’all, we’re DrAiNiNg ThE sWaMp https://x.com/unusual_whales/status/1901413183686140285?s=46
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Micah
@micahtowery
this is about BOI reports right? if so that was a brand new requirement that hadn't even come into force. not here to defend Trump, but I'm also not a big fan of voluntarily disclosing tons of info like this because the feds want more tools to monitor.
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MM
@listen2mm.eth
In an era where the middle class is getting stomped to death by corporations, I think anti money laundering, anti tax evasion laws are net good, despite some added friction I’m not an expert in this area so maybe this particular rule was overreaching, I’m not sure. But it’s a slimy move amongst a plethora of slimy moves from an administration who couldn’t care less about corruption and protecting the middle class
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Micah
@micahtowery
I definitely agree that shell companies are used to launder money from bad shit. I'm just not sure that creating a huge database of every owner of every active legal entity in the US is the best approach.
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Micah
@micahtowery
If you haven't read it, Moneyland is an excellent book on this topic
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MM
@listen2mm.eth
I haven't, appreciate the recommendation 🙌
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Micah
@micahtowery
i just got an update from my accountant. the BOI rule will now only apply to foreign entities, which is much more reasonable and clearly filling an enforcement gap. they can still figure out owners of US entities by requesting info from states where the entities are formed. they might need a court order to do so but that just means you have to have reasonable cause to request the info.
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MM
@listen2mm.eth
Thanks for circling back. Seems like a reasonable middle ground
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