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That side hustle could soon be classified as a second job thanks to new labor rules unveiled by the Biden Administration this week. Jared Halpern has more from the White House.
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This is all a huge UNION push. He couldn’t drive more jobs outta this country with delta airlines
Democrats and unions . Like open USA,
So now businesses will have more expenses — employee insurance, social security, etc. for these employees?
Oh poor businesses…. How bout the mother fucker that has to pay for his own insurance, workers comp, EVERYTHIGN and pay the tax on the wages?
Employees pay for some of those out of there checks
@@teresapennington7365 Employees only pay part — half of social security and usually only about 20% of insurance. Plus employers will have workers’ compensation and retirement contributions. Very, very expensive. Going to raise the cost of stuff for sure.
@@teresapennington7365 and the company has to match the payroll taxes, pay for workers compensation, tools supplies equipment, higher general liability insurance. That equals less pay for workers . I pay my cleaners about 30-40 an hour based off a flat rate pay for the job and now if this rule sticks their pay will go down to about 15-18 and hour because of the expenses I have to pay now and they will not be able to write off gas, cell phone , supplies / equipment. And they are part time so I don’t have to offer health insurance
Companies will simply start requiring their independent contractors to get EIN’s so it’s considered B2B transactions. It’s not as big of a deal than it is.
They just want to get more taxes
that doesn’t piss you off??
Exactly that’s what they want.
this is all about regulating how much money you make ….there is nothing good about this .
and how much they take from your taxes…they don’t give a flying f about benefits, all they care is that 1099 workers have write offs, some file, some don’t. The government wants that tax $$$ , nothing else.
Im a CPA. The problem with changing the classification of a side hustle type job to an employee instead of a subcontractor is they loose the ability to deduct the expenses related to earning the income, resulting in the average worker paying more in taxes . After 2018 W2 employees can no longer deduct business expenses only subcontractors can. This sounds like the Biden administrations way of getting move tax revenue rather than actually benefitting the workers.
And at the same time these companies that are making so much money off of the backs of the drivers will be paying for the expenses that the drivers are already covering
@@diamonddriver9235 The drivers will get a new “W2 Rate” for their job, which will be less than the 1099 rate they were getting before. They will left with only two options, either take a pay cut and be a W2 employee with “benefits” or loose the job.
Everyone is simply getting EIN’s as sole proprietorship so it’s considered B2B transactions.
@@itsdallaswhite No that won’t help. A single member LLC or a sole-proprietorship are passthrough entities and they will interpret it as an employee. But if you have an S-Corp and withdraw a salary then you are an employee of the S-Corp.
That’s the only thing that would work.
independent contractors are still able to deduct their business expenses, such as office supplies or mileage expenses for work-related travel. This is because independent contractors are responsible for paying self-employment taxes, which can be quite high, so allowing them to deduct expenses helps to offset their tax burden.
This is gonna make it way less flexible and cause these companies to onboard less drivers. More regulation that will just backfire. Might even cause and increase in fees for customers
Fee are way to high as it is those hig don’t pay us enough base pay gig workers costing us more gas car repairs insurance for 2 buck base we making them billions
america land of the free but with more rules laws and regulations than any place ever. at least 600 new ones every year. who can keep up with all that.
Has the Chamber of Commerce been sniffing a lot of glue lately these drivers are being paid slave labor income 5 to 8 dollars an hour
Did those drivers were in power to reject such contracts?
Yes
So say you’re a driver with your own personal vehicle. Who pays for the maintenance? Is that a write-off ?
It was a write off, but not if you’re an employee. If you’re a W2 employee then maintenance and other business related expenditure is no longer a write off option.
No it not they want let us deduct both gas or maintenance has be one or the other gas we get 65.5 mile but it want let us do both its crazy .we duct hot bag phone chargers other things
@@teresapennington7365what?
@@MilesFromExtraordinary That’s the whole idea behind this, to stop the deductions and force ’employers’ to deduct those taxes. It’s all about taxation, not benefiting the worker at all.
This a dumb law, they just want to stop entrepreneurs,specifically here in California
Biden be like durrrr
FJB
You get what you vote for
This is a huge mistake.
that will cost him the re-election
As a Uber Driver I dont want to be employee. I just want to make sure that those big corporations UBER/LYFT get no more then 25%. Can goverment do something to fix this???? We got 21st Century, but I have a feeling that we live in Feudalism Era.
This law just got introduced to me at the company I work for as an Independent Contractor. I work 60 hrs per week and make about $15 per hr. But, bc I can work from home and 60hrs per week, it makes up for it. With this change my company just notified me that I’ve been capped at 40hrs per week. I just lost 35% of my annual income. It moved me from lower middle class to upper lower class in 1 policy change. My family is going to suffer bc of this or I’ll have to start over and find a whole new career. Dozens of thousands of IC’s work over 40hrs a week where I work and all of them just lost major income. Companies aren’t going to pay us overtime. Why would they? We don’t get benefits as IC’s. So, they cut us from 60 to 40 then hire someone to work the extra hrs at base pay. They don’t lose anything at all bc we aren’t employees. There are no fees of benefits the company is responsible for due to it being Independent Contractors. This is a HORRIBLE decision. Biden’s administration is being completely blind and ignorant about this. I can’t even pay my bills now.
You were having tobwork 60 hours per week to make it? That’s the problem! Companies are taking advantage of people! They still will have to hire someone to work to cover those hours but they are also going to now have to give benefits and that’s what they don’t want to have to do. You were working as an employee but being paid like a contractor. There is no way they could work you 60 hours per week as an employee and not have to pay time and a half. You were getting screwed!
@@demee62You drank the Koolaid! Yay!
Things like this and the loan-level price adjustment mortgage rule last year are net negatives to the American people. FJB
FJB/FKH 🇺🇸🇺🇸🇺🇸 TRUMP 🇺🇸🇺🇸🇺🇸
for FREEDOM
Omg…. Wth is wrong with this administration????
I am so sick of him Jesus please get this man out of the White House