Withholding on payments to independent contractors?

A new bill (H.R. 5704), called the Gig Is Up Act, would require large corporations—those with at least 10,000 independent contractors and $100 million in annual gross receipts—to pay FICA on their payments to independent contractors. This would effectively replace self-employment tax, with the company paying both the employer’s and worker’s Social Security and Medicare taxes (FICA). If this is enacted, it could set the stage for shifting the tax burden on gig workers to the companies for which they provide services, regardless of the size of the companies. My guess is that this bill isn’t likely to be enacted. #IdeaoftheDay