Bill 119 HR 560, also known as the "Secondary Employment Tax Relief Act," aims to make changes to the Internal Revenue Code of 1986. The main goal of this bill is to exclude compensation from secondary employment for certain taxpayers from both income tax and payroll taxes.
The bill specifically targets individuals who have a primary job but also work a secondary job to supplement their income. By excluding the compensation from this secondary employment from income tax and payroll taxes, the bill aims to provide relief to these individuals and reduce the financial burden they face from working multiple jobs.
If passed, this bill would provide much-needed tax relief to individuals who rely on secondary employment to make ends meet. It would also potentially incentivize individuals to seek out additional work opportunities without the fear of facing higher taxes on their earnings.
Overall, the Secondary Employment Tax Relief Act seeks to provide financial relief to certain taxpayers and make it easier for individuals to earn additional income without being penalized through higher taxes.