Please correct me if I am wrong: Gig economy workers must pay income tax on all of their earnings. Until now, only earnings over $2,000 were reported. Now, earnings over $600 will be reported, as it is for all other independent contractors. Not being reported does not mean you don't owe tax on it. You owe the tax, whether it is reported or not. So this bill makes no change to the tax of gig workers who report their income honestly.
Isaac, the headline on that piece says, "Gig workers would pay higher taxes under coronavirus aid bill." This is false. Gig workers would pay the same taxes as before. At least, they would owe the same as before. The headline ought to say, "Coronavirus aid bill targets gig workers who cheat on their taxes."
When is it ever a bad time to crack down on tax cheaters? I think it is pretty safe to say that conservatives generally follow all of the laws. Liberals generally follow only the laws they approve of and ignore all other laws, at least when applied to them. You can see this, for example, in immigration and voting, besides merely taxation. In Portland, OR, looting is not illegal. In Chicago, homicide by firearm is both commonplace and rarely prosecuted. It is vexing, to centrists like myself (who also generally follow all laws).
Totally agree with the commentators from the "caught my eye" section. Having traveled extensively, and lived abroad, it is beyond me why the US allows such rampant TV and print advertising for branded drugs. I've switched to streaming almost exclusively, in part to avoid the loop described - eat like crap, get a drug to help, get another drug to help the first, then call the lawyer to sue everyone. Advertising in the pharma industry would be an interesting subject to cover sometime.
Please correct me if I am wrong: Gig economy workers must pay income tax on all of their earnings. Until now, only earnings over $2,000 were reported. Now, earnings over $600 will be reported, as it is for all other independent contractors. Not being reported does not mean you don't owe tax on it. You owe the tax, whether it is reported or not. So this bill makes no change to the tax of gig workers who report their income honestly.
Hey Shawn - yes, that's mostly right. My disagreement is the timing of this crackdown, which feels like pretty much the worst possible moment to impose it. This Roll Call story is a good write up: https://www.rollcall.com/2021/03/05/gig-workers-would-pay-higher-taxes-under-coronavirus-aid-bill/
Isaac, the headline on that piece says, "Gig workers would pay higher taxes under coronavirus aid bill." This is false. Gig workers would pay the same taxes as before. At least, they would owe the same as before. The headline ought to say, "Coronavirus aid bill targets gig workers who cheat on their taxes."
When is it ever a bad time to crack down on tax cheaters? I think it is pretty safe to say that conservatives generally follow all of the laws. Liberals generally follow only the laws they approve of and ignore all other laws, at least when applied to them. You can see this, for example, in immigration and voting, besides merely taxation. In Portland, OR, looting is not illegal. In Chicago, homicide by firearm is both commonplace and rarely prosecuted. It is vexing, to centrists like myself (who also generally follow all laws).
Totally agree with the commentators from the "caught my eye" section. Having traveled extensively, and lived abroad, it is beyond me why the US allows such rampant TV and print advertising for branded drugs. I've switched to streaming almost exclusively, in part to avoid the loop described - eat like crap, get a drug to help, get another drug to help the first, then call the lawyer to sue everyone. Advertising in the pharma industry would be an interesting subject to cover sometime.