ROBINHOOD Act

This bill would create a new federal excise tax equal to 20 percent of the amount borrowed each year on certain loans or lines of credit that are secured by a borrower's capital assets, where the loan amount is based on the value of those assets. The tax would apply to individuals with adjusted gross income over $400,000, or $450,000 for joint returns. The borrower would pay the tax, and the Treasury would collect it once a year. Residential mortgages, home equity loans and lines of credit, margin loans, and loans secured by farmland would not be covered. The tax would apply only to loans and lines of credit made after the bill becomes law.

Full text and official record on Congress.gov

Sponsors

• Daniel S. Goldman Democrat sponsor
• 11 cosponsors