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How Should We Tax the Sharing Economy? REPORT 10.24.18 How Should We Tax the Sharing Economy? Joyce Beebe, Ph.D., Fellow, Center for Public Finance Walking out of the airport lobby and getting TaskRabbit, “taskers” who perform work set into an Uber car booked through an app on their own hourly rates, whereas Uber sets a smartphone, hiring a handyman through prices centrally. Whether a service provider the TaskRabbit website to repair a leaking has an occupational license in the industry kitchen sink, searching vacation rental he works in is also not a deciding factor, accommodations on Airbnb—none of these since not all industries have such licensing functions was possible a decade ago. Yet requirements. today, with the development and growth To add to the complexity in defining of the sharing economy—which includes a this emerging sector, many research number of mostly online enterprises that studies use the term “sharing economy” match service providers with clients—these interchangeably with gig economy, are common transactions. This report reviews peer economy, collaborative economy, key federal tax considerations for companies on-demand economy, matching economy, There is no clear and workers as the sharing economy access economy, or platform economy.1 A boundary as to what becomes more prevalent. few common definitions are summarized the sharing economy below. All definitions include the typical ride-hailing and home-sharing websites like encompasses. All WHAT IS THE SHARING ECONOMY? Uber and Airbnb, but they differ in whether definitions include the they include two other types of business typical ride-hailing Although many associate Uber, Airbnb, models: peer-to-peer sales and platform and TaskRabbit with the sharing economy, and home-sharing ownership of assets. Peer-to-peer sales websites like Uber and there is no clear boundary as to what the websites, such as eBay and Etsy, focus on sharing economy encompasses due to the the sale of tangible goods instead of on Airbnb, but differ in novelty of the concept and its constantly services. Some platform companies own the whether they include evolving applications. assets used in transactions with customers Many companies in the sharing economy two other types of and simply rent them out through an app business models: peer- maintain the common feature of using an or website. For example, Zipcar owns its app- or web-based software platform to fleet of cars, and customers can rent these to-peer sales (Etsy) and match supply with demand; however, this vehicles online. This is different from Uber, platform ownership of feature alone does not serve as a good which does not own the cars that drivers assets (Zipcar). identifier. For example, traditional companies use to transport customers. may adopt web-based applications to interact with customers or have a strong Both Peer-to-Peer Sales and Platform online presence, but these companies are Ownership of Assets typically not part of the sharing economy. As such, having an innovative business The broadest definition for the sharing model is a better indicator than industry economy includes all four business classification. Pricing mechanism is also models—that is, peer-to-peer sales not a distinguishing feature; in the case of websites, entities in which the platforms BAKER INSTITUTE REPORT // 10.24.18 own the underlying “shared” assets, and platform companies” included in a ride- and home-sharing websites. In other JPMorgan Chase & Co. Institute (JPMorgan) words, this definition does not exclude study uses these descriptions but also business models based on the ownership of classifies the companies as labor platforms assets or whether the underlying platform (e.g., TaskRabbits and Uber) and capital provides services or sells goods. platforms (e.g., eBay and Airbnb).7 This Studies that adopt this definition definition is consistent with that used in a include one by Pew Research Center, 2017 proposed U.S. Senate bill on worker There are many more which includes peer-to-peer sales sites classifications, which states that the users/consumers than such as eBay, Etsy, and Craigslist, as well characteristics of a “marketplace platform” workers/suppliers in the as companies that own the assets and include operating a website or mobile simply rent them out to customers, such application that facilitates the provision sharing economy. Most as Zipcar and Rent the Runway.2 It also of goods and services and features participants rely on the includes crowdfunding websites such as mechanisms for settling transactions.8 gig work as secondary GoFundMe and Kickstarter in its definition. A study by the Aspen Institute includes sources of income A PricewaterhouseCoopers (PwC) study ride sharing, accommodation sharing, task further includes an “entertainment, media, services, short-term car rentals, and food/ that supplement their and communications” sector that consists goods delivery services in its definition primary income; many of music and video streaming services such of the sharing economy. In addition to of them work part time. as Spotify and Amazon Family Library in its Uber, Airbnb, and TaskRabbit, the study definition.3 Another survey-based academic includes companies like Postmates, Zipcar, study emphasizes the collective consumption and Care.com. This definition emphasizes nature of the sharing economy and includes only service-based platforms but does not online communities that enable peer-to- include peer-to-peer sales companies. It peer purchases, donations, or shared access also does not exclude platforms that own to goods and services. Websites that allow the underlying assets.9 people to rent, buy, swap, or even donate items are all included.4 Neither Peer-to-Peer Sales or Platform Ownership of Assets Either Peer-to-Peer Sales or Platform Several government reports have Ownership of Assets also studied the sharing economy. A Some research has focused on platforms Congressional Research Services (CRS) that function as online intermediaries to study defines the sharing economy as the match supply and demand and generally collection of markets that match providers includes enterprises that provide services to consumers on a per-job basis in support and sell goods but typically do not own of on-demand commerce. This type of the shared assets. New York University service is labeled “on-demand” because it business professor Arun Sundararajan uses technology to respond to customers’ summarized the three major elements of a immediate or specific needs.10 Because peer-to-peer business in testimony before the study emphasizes the labor market the U.S. House Small Business Committee: impacts for workers, only service-based platforms (marketplaces that facilitate platforms such as Uber, Lyft, TaskRabbit, exchanges between peers), entrepreneurs Handy, Instacart, Postmates, Heal, and (suppliers in the marketplaces), and Pager are included. consumers (individuals who demand goods A study by the U.S. Department of or services).5 With these features, the four Commerce defines “sharing economy” major types of sharing economies6 are companies as “digital matching” entities rental services (e.g., Airbnb), professional that provide online marketplaces that enable service providers (e.g., Uber), general the matching of service providers with purpose freelancers (e.g., TaskRabbit), customers. This includes companies that and peer-to-peer sales (e.g., eBay or use IT systems to facilitate peer-to-peer Etsy). Similarly, the features of “online transactions, rely on user-based rating 2 HOW SHOULD WE TAX THE SHARING ECONOMY? systems for quality control and to ensure were independent contractors.12 Although trust between providers and consumers, the questions in the BLS survey did not and offer workers flexibility in deciding their directly target gig workers, these workers work hours; workers, in turn, typically use were most likely included as part of the their own assets or tools to provide these independent contractor statistics. Some services.11 According to this definition, eBay, observers therefore compared the 2005 Amazon, Zipcar, and Craigslist are excluded, and 2017 results, the most recent two whereas ride-sharing, home-sharing, and waves available, and concluded that the task services are included, as are financial sharing economy is still quite small; in 2005, services firms such as Lending Club and contingent workers accounted for 4.1% of Funding Circle. the U.S. labor force, 7.4% of which were independent contractors. On the other hand, critics argued that the survey is not a good SIZE AND FEATURES OF THE U.S. measure of the sharing economy because SHARING ECONOMY it only asked about the workers’ main jobs, which excluded workers who drive Uber as a The lack of a consistent definition for secondary income source, for instance.13 the sharing economy—as well as a lack The BLS results are consistent with the of comprehensive, high-quality data on findings of several other studies, which this industry—leads to different estimates generally indicate that less than 1% of the regarding its size. Despite these challenges, working population consistently uses online notable private sector studies generally platforms to arrange work.14 A JPMorgan have found that the sharing economy has From a worker or study shows that 0.4%-0.6% of the the following features: first, there are many supplier perspective, working-age population earned gig income more users/consumers than workers/ in a given month, whereas a McKinsey the most touted feature suppliers. Second, most participants rely Global Institute study estimates that less of the gig economy is on the gig work as secondary sources of than 1% of the U.S. working-age population income that supplement their primary the flexibility and ease were contingent workers who secured gigs income; many of them also work part-time. of getting gigs. The cost or customers through digital marketplaces.15 Third, millennials constitute the largest A 2014 MBO Partners study estimates that barrier of entering a age group that participates in the sharing 2.7 million Americans, or approximately 1% certain line of work is economy, followed by baby boomers.
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