Owens Co-Sponsors Bill to Repeal Biden Administration’s Tax Increases on Gig Economy Workers
WASHINGTON, D.C. – Today, Rep. Burgess Owens (UT-04) co-sponsored the Saving Gig Economy Taxpayers Act, which would repeal an unnecessary tax hike included in the costly and partisan American Rescue Plan.
“Small businesses in Utah and across the nation are struggling to stay afloat due to the rising cost of living and supply chain disruptions,” said Rep. Owens. “The Biden administration’s burdensome and confusing changes to the tax code included in the American Rescue Plan compounds the economic challenges facing gig economy workers. I am proud to support the Saving Gig Economy and Taxpayers Act, legislation to repeal harmful tax hikes, offload unnecessary regulations, and support Main Street USA.”
The Saving Gig Economy Taxpayers Act would remove the tax increase placed on working class gig and sharing economy independent contractors in the American Rescue Plan by repealing the threshold on companies to send 1099-K forms to independent contractors earning at least $600 a year on any number of transactions, returning it to the standard requirement of $20,000 a year on at least 200 transactions. President Biden’s modification to this requirement abuses taxpayers, creates unrealistic regulations on companies, and further burdens the IRS. The legislation would reverse the administration’s damaging changes.
The full text of the legislation is available here.