The bill S. 4123 aims to amend the Internal Revenue Code of 1986 to establish rules for the tax treatment of personal service income earned through pass-thru entities. Specifically, it addresses the taxation of partnership interests transferred in connection with providing...
Simple Explanation
The bill wants to change how people pay taxes on money they earn by doing work for certain businesses, making sure it's fair and easy to understand. It says that some of this money, usually taxed less, should be taxed like regular income instead.