Americans Are Putting Billions More Than Usual in Their 401(k)s

Re:Americans Are Putting Billions More Than Usual in Their 4... by chatmasta on Thursday January 05, 2017 @02:05PM (#13330286)

This is a great point I don't see brought up often enough. It also has a lot of implications for the "gig economy" and independent contractors.

If the majority of the workforce works as independent contractors, the government will not be able to use employers to collect ("withhold") taxes automatically from workers' paychecks. The IRS will need to wait for the contractors to explicitly pay their own taxes.

I suspect this will have a big impact on cash flow for incoming taxes. Also, it could give more power to the people should they ever choose to execute a tax boycott.

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Re:Americans Are Putting Billions More Than Usual in Their 4... by mahyarm on Thursday January 05, 2017 @02:25PM (#13330479)

My guess is the government will create legislation where it requires large marketplaces to automatically withhold taxes by default, such as ebay, airbnb, uber, lyft, task rabbit, amazon, doordash etc.

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Re:Americans Are Putting Billions More Than Usual in Their 4... by chrisabrams on Thursday January 05, 2017 @02:55PM (#13330755)

This has already started with fees. Fees are just a synonym for taxes, or money that does not go in your pocket.

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