Unemployed Tax Relief Act of 2011 - Amends the Internal Revenue Code to exclude from the gross income of an employee who is separated from employment due to a reduction in force the last regular payment of wages prior to such separation and any severance pay received in connection with such separation. Exempts such wages and severance pay from employment-related taxation.
Requires transfers from the Treasury to employment-related trust funds to compensate for revenues lost by such trust funds due to this Act.
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