Robinhood act
Robinhood Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Overview
This bill, known as the ROBINHOOD Act, proposes a new tax on high-income individuals. Specifically, it would impose a 20% excise tax on secured loans and lines of credit taken out by individuals with an adjusted gross income exceeding $400,000. The tax would be paid by the borrower and collected annually by the Secretary of the Treasury, excluding certain types of loans like residential mortgages and farmland loans. This aims to increase tax revenue from high-income earners.
Key provisions
- Imposes a 20% excise tax on secured loans and lines of credit.
- The tax applies to loans secured by capital assets.
- The tax is paid by the borrower of the loan or line of credit.
- The tax is collected annually by the Secretary of the Treasury.
- Excludes residential mortgage loans, home equity loans, margin loans, and farmland loans.
- Applies to individuals with an adjusted gross income exceeding $400,000 (or $450,000 for joint returns).
Who is affected
- High-income individuals
- Borrowers of secured loans and lines of credit
Notable changes
- Creates a new tax specifically targeting secured loans and lines of credit.
- Establishes an income threshold ($400,000) for individuals subject to the tax.
Bill text
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Sponsors
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12 on record
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