A bill to amend the Internal Revenue Code of 1986 to ensure that high net-worth individuals cannot avoid paying taxes on their income and assets.

[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [S. 4662 Introduced in Senate (IS)] <DOC> 119th CONGRESS 2d Session S. 4662 To amend the Internal Revenue Code of 1986 to ensure that high net- worth individuals cannot avoid paying taxes on their income and assets. _______________________________________________________________________ IN THE SENATE OF THE UNITED STATES June 2, 2026 Mr. Gallego introduced the following bill; which was read twice and referred to the Committee on Finance _______________________________________________________________________ A BILL To amend the Internal Revenue Code of 1986 to ensure that high net- worth individuals cannot avoid paying taxes on their income and assets. 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 of 2026'' or the ``ROBINHOOD Act of 2026''. SEC. 2. TREATMENT OF LOANS FOR HIGH NET-WORTH INDIVIDUALS. (a) In General.--Subchapter P of chapter 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new part: ``PART VII--TREATMENT OF LOANS FOR APPLICABLE TAXPAYERS ``Sec. 1299. Treatment of loans for applicable taxpayers. ``Sec. 1299A. Applicable taxpayer defined. ``Sec. 1299B. Terms and rules relating to covered assets. ``SEC. 1299. TREATMENT OF LOANS FOR APPLICABLE TAXPAYERS. ``(a) In General.--In the case of any loan issued to an applicable taxpayer, an amount of long-term capital assets (as identified by the applicable taxpayer) held by the applicable taxpayer for which the long-term capital gain is equal to or greater than the amount of the loan shall be treated as sold for their fair market value on the last day of the taxable year in which such loan was issued. ``(b) Adjustment of Basis.-- ``(1) In general.--In the case of any applicable taxpayer t