Fortune: The COVID Relief Bill Doesn’t Raise Taxes on Gig Workers
media mentionThe new tax revenue is money that should’ve been collected all along, but many workers didn’t have the documentation that serves as a reminder and guide to reporting the incomes they make on these platforms.
“You are paying what you owe,” said Steve Wamhoff, director of federal tax policy at think tank the Institute on Taxation and Economic Policy. “But what you owe has not been increased.”
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If anything, the new documents should make gig workers lives a little easier, according to Wamhoff of The Institution on Taxation and Economic Policy.
“Even if you want to do the right thing, you’re not provided with the documentation to do so,” he said. “Overall, I think this is helpful to everyone involved.”