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New 20% Excise Tax on Asset-Secured Loans for High-Income Earners

This bill introduces a new 20% excise tax on specific loans and lines of credit secured by capital assets, targeting high-income individuals. The tax applies only to borrowers whose adjusted gross income exceeds $400,000 ($450,000 for joint filers). The goal is to ensure that the wealthiest citizens pay a 'fair share' by taxing previously overlooked debt arrangements, directly impacting their personal finance strategies.
Key points
A new 20% excise tax is imposed on the amount borrowed annually under specified secured loans or lines of credit.
The tax applies only to individuals with an adjusted gross income above $400,000 (or $450,000 for joint returns).
The tax covers loans secured by capital assets (like stocks or bonds) but specifically excludes residential mortgages, home equity loans, and farmland-secured loans.
The borrower is responsible for paying this new tax, which will be collected annually by the Secretary of the Treasury.
article Official text account_balance Process page
Introduced
Citizen Poll
No votes cast
Additional Information
Print number: 119_HR_6438
Sponsor: Rep. Goldman, Daniel S. [D-NY-10]
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Summarized by: gemini-flash-latest
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

ROBINHOOD Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 119_HR_6438.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

What are the main provisions?

Key points include:

  • A new 20% excise tax is imposed on the amount borrowed annually under specified secured loans or lines of credit.
  • The tax applies only to individuals with an adjusted gross income above $400,000 (or $450,000 for joint returns).
  • The tax covers loans secured by capital assets (like stocks or bonds) but specifically excludes residential mortgages, home equity loans, and farmland-secured loans.
  • The borrower is responsible for paying this new tax, which will be collected annually by the Secretary of the Treasury.
What is the specific legal status?

The current status is Introduced.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Goldman, Daniel S. [D-NY-10].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-31.

CATEGORIES

Taxes Economy