Barack Obama’s budget plan contains a provision for the IRS that would enable them to require reclassification of many independent contractors and have them labeled as employees instead. This would require companies to pay taxes for payroll and unemployment on wages that they currently avoid with independent contractors. It is currently under discussion and, if passed, could affect wrestlers, whose status as independent contractors rather than employees has been debated for some time.
Meanwhile, WWE is likely to not renew a lot of their WWE Legends marketing contracts when they start to expire later this year.
credit: Wrestling Observer Newsletter
Tags: barack obama, IRS, WWE