Goldman’s “Robinhood Act”: Taxing Securities-Backed Loans on Wealthiest Americans
Congressman Dan Goldman (NY-10) has introduced the ROBINHOOD Act, a bill targeting the ultra-wealthy’s use of borrowing schemes to avoid paying taxes on capital gains. The legislation proposes a 20% excise tax on loans and lines of credit secured by capital assets for high-income earners. This initiative aims to generate at least $276 billion over ten years by making the wealthiest individuals contribute their fair share, with potential revenues earmarked for investments in universal pre-K and childcare programs. The act seeks to address the current tax code’s shortcomings, where the ultra-wealthy are able to avoid taxes while accessing massive sums of money.
John Q. Hosedrinker