What a Biden Victory Means for Freelancers
Freelancing and self-employment is exploding in America. Not only are there over 50 million freelancers in the United States, according to Forbes, but a study by Upwork predicts that freelancers will become the majority of the US workforce by 2027. So what does a Biden victory mean for freelancers? To answer this question, we analyzed President-elect Biden’s election campaign promises, pointing out promises that apply to freelancers.
So as freelancers are figuring out how to avoid common freelancing pitfalls, what is the White House doing for you?
It’s worth noting that “Joe’s Vision” is incredibly long, and specific promises related to freelancers were hard to pin down. However, I analyzed to the best of my ability what his policy prescriptions could mean and how they apply to the millions of freelancers across America.
Buy American pledge
A Biden victory comes with a Made in America pledge. This pledge includes a $400 billion procurement initiative by the US government to buy American-made goods.
How it helps freelancers: When companies are incentivized to buy American, you have more opportunity to close clients versus working with cheaper international freelancers. If Made in America tax credits help businesses keep more money, they are more likely to invest in growth. Luckily, growth often involves hiring freelancers.
Transit for every city of 100k+
As part of his Clean Energy plan, Joe promises to build transit in every American city with over 100,000 people.
How it helps freelancers: Even with remote work, cities are critical parts of American professional life. Having adequate transit means more freelancers who live in and near cities get an easier (and cheaper) option for both life necessity and seeing clients.
Biden has significant plans for connection with all major identity groups: Black people, Latinos, LGBTQ+ people, Muslims, Arab people, Catholics, Indigenous people, Jewish people, and more.
How it helps freelancers: All of these coalitions anchor on discrimination protections and increased access to education. With these protections and educational opportunities, more people of diverse backgrounds can get into – and sustain themselves in – freelancing.
Reforming opportunity zones
Opportunity Zones, according to Forbes, are specific geographic areas that have historically been disadvantaged and now get access to preferential tax rates and other government services. Biden’s plan is to reform the zones to ensure they adequately serve who they are supposed to – Americans facing real disadvantages, especially Black Americans.
How it helps freelancers: If you’re a freelancer and live in an Opportunity Zone, you’ll get access to preferential tax rates that help you keep more of the money you earn. If you’ve been left out so far, a Biden victory promise is to make sure you’re getting the support you need.
Increased access to housing
Biden’s Housing plan promises to increase access to housing. Specifically, he promises to prevent discrimination in the housing process and fund people to help them find secure housing.
How it helps freelancers: One of the biggest deterrents to entrepreneurship is risk, and housing is a big one. Having access to secure housing can help people from being exploited while they build their businesses.
Lowering prescription drug prices and increasing health insurance access
Bidencare promises to lower the prices of prescription drugs and increase access to health insurance without removing private options.
How it helps freelancers: Freelancers are usually unable to get high quality insurance, whether due to qualification or costs. As such, increased access to health insurance and lower prescription drug prices are going to benefit people who need medication on a regular basis.
Tax deductions for small businesses
Opponents often chastised Biden for his plan to tax incomes over $400,000. However, his small business tax credit plans will be for small employers to pay wages and health insurance for employees.
How it helps freelancers: Not all freelancers are solopreneurs, so any freelancer with an employee or two will benefit from a tax break.
National high-speed internet
The United States, despite being a powerful economy, does not have high speed internet throughout the whole country. Biden is promising to build a national high-speed wireless network.
How it helps freelancers: Most freelancers work on the internet. Alternatively, the internet provides more income opportunities. Having access to reliable high-speed internet will be a huge win for rural freelancers.