High-income earners would pay a new 20% tax on certain large loans.
A new bill would add a 20% tax on certain large loans for people earning over $400,000 a year. This tax would apply to loans backed by assets like stocks or bonds. It would not apply to home loans or farm loans. The goal is to make sure high-income people pay more in taxes.
Currently, people do not pay a federal tax on money borrowed from secured loans or lines of credit. This is true no matter their income. If this bill passes, people earning over $400,000 ($450,000 for couples) would pay a new 20% tax on money borrowed from certain secured loans. This tax would not apply to common loans like home mortgages.
HR 6438 · 119th Congress · December 4, 2025 · AI Summary by gemini-2.5-flash · 9/10
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6 filings mentioned this bill
Amounts reflect total quarterly lobbying spend reported to the Senate, not bill-specific spending. Source: Senate LDA filings.