Uber drivers, freelancers and other independent contractors are getting a tax cut

The new tax law delivers a massive tax cut for corporations. Republicans sold the plan in part with the argument — heavily disputed by critics — that lower business taxes would trickle down through higher wages and be a boon to the middle class.

But the law offers a more direct benefit to one seemingly growing segment of the workforce: independent contract workers.

Information technology consultants in Silicon Valley stand to benefit, as do freelance Hollywood visual effects artists. Many so-called gig workers who accept individual jobs through an app — such as Uber or Lyft drivers or TaskRabbit freelance laborers — will also see tax rates fall.

“Every Uber driver, as far as I can see, gets a benefit,” said Edward Kleinbard, a USC professor and former chief of staff to Congress’ Joint Committee on Taxation.

Go to Source

Powered by WPeMatico