Allow W2 Auto Mechanics to Write off their Tool Purchases

Economy
1

Mechanics are one of the only career fields where you must pay for all your own equipment while being a W2 employee. After the TCJA was passed it took away the ability for them to write off their tool expenses. Creating a policy that will allow for them to write off their tool expenses could help the dying trade field. Currently for every 5 mechanics that retire there is 1 to replace them. It can cost on average $7,000-$11,000 to start a tool collection. There are no specialized loans available, therefore new mechanics have to hope they are approved for a personal loan with around a 20% interest rate. By allowing write offs for these tools mechanics will be able to afford to stay in the field and replenish the dying field.