What Can We Learn About the GIG Economy From Tax Data? Washington, D.C. 21 September, 2018

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Raymond Bennett
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1 What Can We Learn About the GIG Economy From Tax Data? Washington, D.C. 21 September, 2018

2 SOI and BLS data on self-employed Number of persons with self-employment income (counts in thousands) Number of persons with both salaries and wages and selfemployment income SOI (2015) BLS (2017) Number of persons with only selfemployment income Number of persons with main source of income from selfemployment 26 to 35 year olds 4,238 1,705 1, to 65 year olds 5,566 2,260 2,426 Issues: (1) Self-employment income not reported on Schedule C, with and without information returns. (2) Self-employment income not reported on a filed return, with and without information returns. (3) Tax code sections 6050W(e), 6721, Source: SOI tabulations of 2015 individual tax returns, BLS contingent and alternative arrangement survey (May 2017). 2

3 SOI data on self-employed 25.0% SOI frequency of taxpayers with self-employment income by age of taxpayer 20.0% 6.4% 6.8% 15.0% 2.9% 3.7% 4.6% 6.9% Persons with selfemployment income only 10.0% 5.0% 11.0% 11.0% 11.4% 14.2% 16.2% 16.8% Persons with both salaries and wages and self-employment income 0.0% to 35 year olds 56 to 65 year olds 3

4 SOI data on self-employed Self-employment income as a share of total income 14.0% 12.0% 10.0% 8.0% 6.0% 10.7% 13.2% 13.7% 4.0% 2.0% 5.5% 6.1% 6.1% 0.0% to 35 year olds 56 to 65 year olds 4

5 SOI data on self-employed Real per-capita self-employment income (scaled by CPI-U) $40,000 $35,000 $30,000 $25,000 $20,000 $38,456 $39,180 $15,000 $24,664 $10,000 $5,000 $14,032 $16,539 $15,043 $ to 35 year olds 56 to 65 year olds 5

6 Appendix: Contact information Michael Udell Managing Member, District Economics Group, LLC Office: (202) Cell: (408) Diane Lim Principal, District Economics Group, LLC Office: (202) Cell: (703) Matthew Fellows Analyst, District Economics Group, LLC Office: (202) Cell: (603) District Economics Group 101 Constitution Ave. NW, Suite 675 East, Washington, D.C Fax: (202)

7 The impact of Tax Reform on SOI Programs and Products Washington, D.C. 21 September, 2018

8 SOI Bulletin Articles and TCJA SOI Bulletin articles during the year leading up to the TCJA Year Quarter Article 2017 Fall Sole Proprietorship Returns, Tax Year 2015 Summer High Income Tax Returns, Tax Year 2014 Corporate Foreign Tax Credit, Tax Year 2013 Individual Noncash Charitable Contributions, Tax Year 2014 Spring Individual Income Tax Returns, Preliminary Data, Tax Year 2015 Individual Income Tax Shares, Tax Year 2014 Winter Unrelated Business Income Tax Returns, Tax Year 2012 Foreign Recipients of U.S. Income, Tax Year Fall Partnership Returns, Tax Year 2014 Transactions Between Large, Foreign Owned Domestic Corporations and Related Foreign Persons, Tax Year 2010 Sole Proprietorship Returns, Tax Year 2014 SOI Bulletin articles after the TCJA 2018Winter Individual Income Tax Shares, 2015 Spring Individual Income Tax Returns, Preliminary Data, 2016 Partnership Returns, Tax Year 2015 Summer Controlled Foreign Corporations, Tax Year 2012 Foreign Recipients of U.S. Income, Calendar Year 2015 Fall Foreign Controlled Domestic Corporations, Tax Year

9 TPUS 2.0 Q: How is the filing season going? A: As of last week, the filing season is statistically different from last year at this time in that there are more returns with x, y and z. 9

10 TPUS 2.0, Sequential Probability Ratio Test Prior Year AGI, Child Tax Credit, EITC, SALT, Home Mortgage Interest Deduction, Charitable, Refund, Balance Due, Liability Range of indifference Current Year Time Source: DEG edits to graph shown in Applied Statistics A Handbook of Techniques Second Edition, Lothar Sachs, Springer-Verlag 1984, page

11 Appendix: Contact information Michael Udell Managing Member, District Economics Group, LLC Office: (202) Cell: (408) Diane Lim Principal, District Economics Group, LLC Office: (202) Cell: (703) Matthew Fellows Analyst, District Economics Group, LLC Office: (202) Cell: (603) District Economics Group 101 Constitution Ave. NW, Suite 675 East, Washington, D.C Fax: (202)

Deductions for Donations of Non-cash Property

1 Deductions for Donations of Non-cash Property What We Know About Non-cash Donations From Deductions Reported on Individual Income Tax Returns? Prepared for Conference on Noncash Charitable Contributions: