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H.R. 6438

U.S. House•In House Committee

Summary

H.R. 6438, the ROBINHOOD Act, was introduced in the House on Dec 4, 2025 by Rep. Daniel Goldman (D) with 11 co-sponsors. It was referred to Ways And Means, and last saw action on Dec 4, 2025: Referred to the House Committee on Ways and Means.

Record

Text

H.R. 6438 has 11 co-sponsors.

hb6438/introduced-in-house.txt
119 HR 6438 IH: Redistribution of Billions by Instituting New High-Income Obligations on Overlooked Debt Act
 U.S. House of Representatives
 2025-12-04
 text/xml
 EN
 Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
 I  119th CONGRESS  1st Session  H. R. 6438  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.
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  .
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:
E
Certain secured loans and lines of credit
Sec. 4491. Imposition of tax.
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 secured loan or line of credit
The term  specified secured loan or line of credit —
(A)
means a loan or revolving credit arrangement secured by one or more capital assets (as defined in section 1221(a)) of an applicable borrower, under which the amount of the loan or available credit is based on the value of such asset, and
(B)
does not include residential mortgage loans, home equity loans and lines of credit, margin loans, or lines of credit and loans secured by farmland.
(2)
Applicable borrower
The term  applicable borrower  means an individual with an adjusted gross income greater than $400,000 ($450,000 in the case of a joint return).
(d)
Regulations and guidance
The Secretary may promulgate such regulations or guidance as necessary to carry out the provisions of this section.
  .
(b)
Clerical amendment
The table of subchapters for  chapter 36  of the Internal Revenue Code of 1986 is amended by inserting after the item relating to subchapter D the following new item:
Subchapter E. Certain secured loans and lines of credit.
  .
(c)
Effective date
The amendments made by this section shall apply to loans and lines of credit extended after the date of the enactment of this Act.

Tracker

The tracker indicates the progress of this legislation as it moves through the legislative process.

  1. Introduced2025-12-04
  2. Passed House
  3. Passed Senate
  4. Conference
  5. To President
  6. Became Law

To amend the Internal Revenue Code of 1986 to ensure high-income individuals pay their fair share of taxes.

Sponsors

Rep. Daniel Goldman (D) sponsors H.R. 6438, and 11 members have co-sponsored it.

Committees

H.R. 6438 went before 1 committee: Ways and Means.

Ways and Means
Ways and Means
Referred To · Dec 4, 2025 · 1,160 Bills

Actions

H.R. 6438 has taken 2 actions since Dec 4, 2025.

ChamberAction
Dec 4, 2025
House
Introduced in House
Dec 4, 2025
House
Referred to the House Committee on Ways and Means.Ways and Means Committee

Votes

H.R. 6438 has not gone to a roll call.

Titles

H.R. 6438 goes by 4 titles, 2 of them short titles.

  • ROBINHOOD Act — Display Title
  • ROBINHOOD Act — Short Title(s) as Introduced
  • Redistribution of Billions by Instituting New High-Income Obligations on Overlooked Debt Act — Short Title(s) as Introduced
  • To amend the Internal Revenue Code of 1986 to ensure high-income individuals pay their fair share of taxes. — Official Title as Introduced

Lobbying

6 clients hired 6 firms and 21 registered lobbyists who named H.R. 6438 in 12 quarterly filings, 2025 to 2026. Reported under the Lobbying Disclosure Act; a filing’s income covers everything its registrant worked that quarter, so the amounts below are the filings’, not this bill’s.

Filed under Taxation/Internal Revenue Code, Budget/Appropriations, Financial Institutions/Investments/Securities, Government Issues, Labor Issues/Antitrust/Workplace, Medicare/Medicaid, Housing, Health Issues.

Clients

Who paid to be heard, by how many filings named the bill.

ClientBusinessStateFirmsFilingsReported
FINSECA—District of Columbia13—
NEW VENTURE FUNDA 501(c)(3) public charity, supports innovative and effective public interest projects.District of Columbia13—
AMERICAN FEDERATION OF STATE COUNTY AND MUNICIPAL EMPLOYEES—District of Columbia12—
AMERICANS FOR FINANCIAL REFORM—District of Columbia12—
SOCIAL SECURITY WORKSMission to protect and improve Social Security.District of Columbia11$20K
AMERICAN FEDERATION OF TEACHERS—District of Columbia11—

Firms

Registrants who filed on the bill, by filings.

RegistrantClientsFilingsReported
FINSECA13—
NEW VENTURE FUND13—
AMERICAN FEDERATION OF STATE, COUNTY AND MUNICIPAL EMPLOYEES12—
AMERICANS FOR FINANCIAL REFORM12—
AMERICAN FEDERATION OF TEACHERS11—
PORT SIDE STRATEGIES, LLC11$20K

Lobbyists

Named on the filings that cite the bill. The 20 named most often, of 21.

LobbyistFirmsClientsFilings
JENNIFER FOX113
JOHN FOTI113
MARC CADIN113
ROBERT SCHELLHAS113
CATHERINE FINNERTY112
CHRISTOPHER BROWN112
DESIREE HOFFMAN112
ELIZABETH WATSON112
LAURA MACDONALD112
LINDA BENNETT112
MARC GRANOWITTER112
MARK HAYS112
REBECCA LEVIN112
RUKMANI BHATIA112
EARL HADLEY111
JENNIFER SCULLY111
KRISTOR COWAN111
MAEVE KLINE111
MEGAN STOCKHAUSEN111
SARAH COHEN111

Filings

The documents themselves, on the Senate’s Lobbying Disclosure site, largest reported first.

ClientRegistrantPeriodReportedDocument
FINSECAFINSECA2026 first_quarter$850K1st Quarter - Report
AMERICAN FEDERATION OF STATE COUNTY AND MUNICIPAL EMPLOYEESAMERICAN FEDERATION OF STATE, COUNTY AND MUNICIPAL EMPLOYEES2025 fourth_quarter$700K4th Quarter - Amendme…
AMERICAN FEDERATION OF STATE COUNTY AND MUNICIPAL EMPLOYEESAMERICAN FEDERATION OF STATE, COUNTY AND MUNICIPAL EMPLOYEES2025 fourth_quarter$690K4th Quarter - Report
FINSECAFINSECA2025 fourth_quarter$590K4th Quarter - Report
FINSECAFINSECA2026 second_quarter$490K2nd Quarter - Report
AMERICAN FEDERATION OF TEACHERSAMERICAN FEDERATION OF TEACHERS2026 second_quarter$410K2nd Quarter - Report
AMERICANS FOR FINANCIAL REFORMAMERICANS FOR FINANCIAL REFORM2025 fourth_quarter$150K4th Quarter - Report
AMERICANS FOR FINANCIAL REFORMAMERICANS FOR FINANCIAL REFORM2026 second_quarter$100K2nd Quarter - Report
NEW VENTURE FUNDNEW VENTURE FUND2026 second_quarter$40K2nd Quarter - Report
NEW VENTURE FUNDNEW VENTURE FUND2026 first_quarter$40K1st Quarter - Report
NEW VENTURE FUNDNEW VENTURE FUND2025 fourth_quarter$33K4th Quarter - Report
SOCIAL SECURITY WORKSPORT SIDE STRATEGIES, LLC2026 second_quarter$20K2nd Quarter - Report

Classification

The Congressional Research Service files H.R. 6438 under Taxation, one of its 31 policy areas.

CRS Subjects

CRS assigns every bill one policy area from its 31; H.R. 6438’s is Taxation.

hr6438/policy-areas.txt
TaxationAgriculture and FoodAnimalsArmed Forces and National SecurityArts, Culture, ReligionCivil Rights and Liberties, Minority IssuesCommerceCongressCrime and Law EnforcementEconomics and Public FinanceEducationEmergency ManagementEnergyEnvironmental ProtectionFamiliesFinance and Financial SectorForeign Trade and International FinanceGovernment Operations and PoliticsHealthHousing and Community DevelopmentImmigrationInternational AffairsLabor and EmploymentLawNative AmericansPublic Lands and Natural ResourcesScience, Technology, CommunicationsSocial WelfareSports and RecreationTransportation and Public WorksWater Resources Development

Constitutional authority

The clause the sponsor cites as Congress’s power to enact H.R. 6438, as entered in the Congressional Record.

[Congressional Record Volume 171, Number 203 (Thursday, December 4, 2025)][House]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. GOLDMAN of New York:H.R. 6438.Congress has the power to enact this legislation pursuantto the following:Under Article I, Section 8 of the Constitution, Congresshas the power ``to make all Laws which shall be necessary andproper for carrying into the Execution for the foregoingPowers, and all other Powers vested by this Constitution inthe Government of the United States, or any Department orOfficer thereof''[Page H5051]

Source: congress.gov · legiscan.com