ROBINHOOD Act

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