Will the new president of the U.S. keep his promises and reduce taxes?
And would this be beneficial for freelancers?
The following article analyzes the benefits and consequences of president’s Trump plan on gig economy.
What is the plan?
There are some major changes coming if Trump’s plan goes into place as-is. Marginal tax rates would drop, standardized deductions would increase and business taxes would go down—way down. Taxes for people in all income levels would decrease, but top earners would definitely, well, come out on top.
From what we know so far, Trump’s plan would allow pass-through entities to choose to file as a business instead of as an individual. Actually, it’s one of the few things there is relative clarity on. On his site, under a document titled “Tax Reform That Will Make America Great Again,” it says:
“No business of any size, from a Fortune 500 to a mom and pop shop to a freelancer living job to job, will pay more than 15 percent of their business income in taxes.”
Read the entire article here: Hustle&Co