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Leveraging the Federal Tax Code for Self-Employment and Job Creation

This presentation by Bill Schweke, Senior Fellow at CFED, explores innovative strategies to utilize the federal tax code to empower low-income and startup entrepreneurs. The goal is to foster self-employment while stimulating job creation through essential business development services. The discussion addresses current U.S. economic challenges, policy parameters for bipartisan appeal, and effective use of tax incentives like Schedule C and EITC. Key features of the proposed approach focus on minimizing government costs and ensuring scalability, while also tackling barriers faced by self-employed individuals.

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Leveraging the Federal Tax Code for Self-Employment and Job Creation

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  1. LEVERAGING THE FEDERAL TAX CODE TO PROMOTE SELF-EMPLOYMENT AND STATE AND LOCAL JOB CREATIONBill Schweke, Senior Fellow, CFEDBig Ideas on Job Creation ConferenceJune 16-17, 2011

  2. Purpose Use the federal tax code to deliver essential business development and financial services to low-income and other startup entrepreneurs, with the aims of simultaneously creating more new jobs and improving service delivery.

  3. US Economic Situation • Massive job losses • Weak recovery • Deep political and policy divisions

  4. Policy Parameters • Bi-partisan appeal • Private sector involvement • Help small business if possible • Not too capital intensive • Not too complex administratively • Quick results • Leverage financial and in-kind resources • Scalable • Minimize government costs • Rely on state and local implementation

  5. Key Features of Our Approach • Focus on self-employed (especially startups and first time tax filers) • Target tax time and existing tax prep infrastructure • Use Schedule C and EITC • Minimize direct spending/maximize off-budget • Encourage tax compliance • Develop referral system • Help exit informal economy • Improve capital base, “draw,” and management skills and understanding

  6. Self-Employment: Its Importance • Size and diversity • Political • Entrepreneurship: opportunity and barriers • Small business and microenterprise support system and programs • VITA and other sites

  7. Some Criticisms and Concerns • Is it high road? • Objections • Counter-arguments

  8. Tax Barriers to Self-Employment • Schedule C • Numbers • Tax liabilities • Fairness • Need for TA • How to scale up services

  9. Self Employment Tax Initiative (SETI) • Goals • Partners • How SETI works • Models • Findings • Lessons

  10. Reforms • State • Federal

  11. Questions? Contact: Bill Schweke, bschweke@cfed.org

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