CONGRESS FOR VOTERS

Daniel Goldman (D-NY)

ROBINHOOD Act

H.R. 6438 · House bill Taxation

A Democratic bill with 11 Democratic cosponsors · See all 11 cosponsors

Last activity — Referred to the House Committee on Ways and Means.

In committee

Introduced and handed to a committee in the chamber it started in.

The committee holds it, and most bills are never heard from again. A hearing or a committee vote would be news; silence is the usual outcome, and it kills the bill without anyone voting against it.

Its path through Congress

  1. Introduced
  2. In Committee

What this bill would do

This bill, known as the "ROBINHOOD Act," aims to amend the Internal Revenue Code of 1986. It proposes a new excise tax on specific secured loans or lines of credit. This tax would be set at 20 percent of the amount borrowed during the taxable year. The tax specifically targets "applicable borrowers," defined as individuals with adjusted gross incomes exceeding $400,000, or $450,000 for joint returns. The tax applies to loans secured by capital assets where the credit is based on the asset's value.

Yes

  • Scored +8

    Does this raise taxes on the highest earners?

    The bill imposes a 20 percent excise tax on specific secured loans and lines of credit for individuals earning over $400,000 or $450,000.

  • Scored +3

    Does this make the government pay for what it commits to?

    The bill generates new federal revenue through a 20 percent excise tax on specified secured loans.

  • Scored +2

    Would households on low incomes be better off under this?

    The bill increases federal revenue through taxes on high-income earners which can be used for social programs.

The opposite

  • Scored -7

    Would high-income households be better off under this?

    High-income individuals earning over $400,000 face a new 20 percent tax on loans secured by capital assets.

  • Scored -7

    Would people with substantial wealth be better off under this?

    The bill targets individuals with high adjusted gross incomes by taxing their secured lines of credit.

  • Scored -7

    Would billionaires be better off under this?

    The tax applies to large-scale secured loans that are often used by the extremely wealthy.