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Tax reform must help workers in America’s new sharing economy | TheHill

Note that the Tea Party’s Patriot Citizens Fund is taking a side in the on-demand economy definition of a worker: They are independent contractors, not employees. There is no explanation of how the New Economy Works to Guarantee Independence and Growth Act actually eases 1099 tax reporting. The conclusion seems to be that gig workers […]

Note that the Tea Party’s Patriot Citizens Fund is taking a side in the on-demand economy definition of a worker: They are independent contractors, not employees. There is no explanation of how the New Economy Works to Guarantee Independence and Growth Act actually eases 1099 tax reporting. The conclusion seems to be that gig workers are getting away untaxed or failing to pay enough taxes, which is only part of a bigger problem, the definition of work, that the House bill addresses.

In the final analysis, our tax laws not only need to be reformed, they need to be updated to reflect today’s economy. More and more people are working multiple jobs as independent contractors because it fits their schedule, their lifestyles, and their financial needs. They can spend their mornings doing graphics or website design, then spend their afternoon driving for Uber or Lyft, and then deliver groceries for Instacart in the evening. The legislative language proposed by Sen. Thune and Rep. Rice would simplify the tax code for gig economy companies and their independent contractors, and therefore incentivize more people to participate and succeed in these new jobs. There’s no cost to taxpayers, and it’s true reform.

Source: Tax reform must help workers in America’s new sharing economy | TheHill

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