[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6438 Introduced in House (IH)]

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119th CONGRESS
  1st Session
                                H. R. 6438

   To amend the Internal Revenue Code of 1986 to ensure high-income 
               individuals pay their fair share of taxes.


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                    IN THE HOUSE OF REPRESENTATIVES

                            December 4, 2025

   Mr. Goldman of New York introduced the following bill; which was 
              referred to the Committee on Ways and Means

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                                 A BILL


 
   To amend the Internal Revenue Code of 1986 to ensure high-income 
               individuals pay their fair share of taxes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Redistribution of Billions by 
Instituting New High-Income Obligations on Overlooked Debt Act'' or the 
``ROBINHOOD Act''.

SECTION 2. EXCISE TAX ON SECURED LOANS AND LINES OF CREDIT.

    (a) Excise Tax.--Chapter 36 of the Internal Revenue Code of 1986 is 
amended by inserting after subchapter D the following new subchapter:

       ``Subchapter E--Certain Secured Loans and Lines of Credit

``Sec. 4491. Imposition of tax.

``SEC. 4491. IMPOSITION OF TAX.

    ``(a) In General.--There is hereby imposed on any specified secured 
loan or line of credit a tax equal to 20 percent of the amount borrowed 
during the taxable year with respect to such loan or line of credit.
    ``(b) Payment of Tax.--
            ``(1) In general.--The tax imposed under subsection (a) 
        with respect to any specified secured loan or line of credit 
        shall be paid by the borrower with respect to such loan or line 
        of credit.
            ``(2) Collection.--The tax imposed under subsection (a) 
        with respect to such loan or line of credit shall be collected 
        annually by the Secretary at such time and in such manner as 
        provided by the Secretary.
    ``(c) Definitions.--For purposes of this section--
            ``(1) Specified secured loan or line of credit.--The term 
        `specified secured loan or line of credit'--
                    ``(A) means a loan or revolving credit arrangement 
                secured by one or more capital assets (as defined in 
                section 1221(a)) of an applicable borrower, under which 
                the amount of the loan or available credit is based on 
                the value of such asset, and
                    ``(B) does not include residential mortgage loans, 
                home equity loans and lines of credit, margin loans, or 
                lines of credit and loans secured by farmland.
            ``(2) Applicable borrower.--The term `applicable borrower' 
        means an individual with an adjusted gross income greater than 
        $400,000 ($450,000 in the case of a joint return).
    ``(d) Regulations and Guidance.--The Secretary may promulgate such 
regulations or guidance as necessary to carry out the provisions of 
this section.''.
    (b) Clerical Amendment.--The table of subchapters for chapter 36 of 
the Internal Revenue Code of 1986 is amended by inserting after the 
item relating to subchapter D the following new item:

     ``subchapter e. certain secured loans and lines of credit.''.

    (c) Effective Date.--The amendments made by this section shall 
apply to loans and lines of credit extended after the date of the 
enactment of this Act.
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