Written By Lexx Thornton Congressman Dan Goldman (NY-10) today introduced the Redistribution of Billions by Instituting New High-Income Obligations on Overlooked Debt(ROBINHOOD) Act, a new federal tax on the ultra-wealthy designed to address one of the most glaring failures in the current tax code: the ability of the uber-wealthy to access enormous amounts of money tax-free while paying staggeringly low effective tax rates. Rep. Goldman’s ROBINHOOD Act would address this tax avoidance strategy by imposing a 20% excise tax on loans and lines of credit backed by capital assets. By making the ultra-wealthy pay their fair share, conservative estimates suggest
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