Today, the House Small Business Committee held a hearing titled “The Sharing Economy: A Taxing Experience for New Entrepreneurs, Part I.”  In his opening statement, Chairman Steve Chabot (R-OH) discussed “the sharing economy” and the ways that entrepreneurs are “running smack-dab into the buzz-saw of an outmoded tax code that is not designed to accommodate them.”  He stated that the panel would explore potential solutions to change the tax system so that it works better for new small businesses.  A second hearing on the same topic is scheduled for May 26.   

Several witnesses also made statements, which can be found below:

  • Ms. Caroline Bruckner
    Executive-in-Residence, Accounting and Taxation and Managing Director, Kogod Tax Policy Center, American University
  • Mr. Rob Willey
    VP Marketing, TaskRabbit
  • Mr. Morgan Reed
    Executive Director, ACT The App Association
  • Mr. Joe Kennedy
    Senior Fellow, Information Technology and Innovation Foundation