Amends the Internal Revenue Code of 1986 to require payroll tax withholding for independent contractors working with certain large businesses.
Applies to businesses with at least $100,000,000 in gross receipts for a calendar year and at least 10,000 individuals contracting to provide services other than as an employee during the calendar year.
Treats remuneration paid to such independent contractors in the same manner as wages for the purposes of payroll taxes.
Doubles the rate of payroll taxes (both the employer and employee portions) for payments made to these contractors.
Includes provisions for aggregating persons treated as a single employer under certain sections of the Internal Revenue Code.
Adjusts the Social Security Act to include amounts treated as wages under this new section and an amount equal to half of the tax imposed under the adjusted payroll tax rates.
Specifies that the amendments apply to remuneration and other payments made after December 31, 2024.