1. United States
2. S.C.
3. Letter

Rep. Dan Goldman has proposed a bill I would like you to support. The ROBINHOOD Act (Redistribution of Billions by Instituting New High-Income Obligations on Overlooked Debt) is a federal tax proposal aimed at closing the "buy, borrow, die" tax loophole used by ultra-wealthy Americans. This legislation would focus on high-net-worth individuals who avoid paying income or capital gains taxes by taking out massive, tax-free loans secured against their capital assets (like stocks, real estate, or business interests). The ROBINHOOD Act would impose a 20% excise tax on these loans and lines of credit. This bill would target individuals making over $400,000 a year (or $450,000 for joint filers), with further rules that apply to taxpayers with incomes exceeding $100 million or assets over $1 billion. Standard, everyday borrowing—such as home mortgages, home equity loans (HELOCs), and farm credits—would be exempt. This is a common sense way to make the wealthy amd ultra wealthy people in America pay their fair share of taxes into our State and Federal programs. We must close tax loopholes and start to close the gap of inequality in our country! Since Ronald Reagan was president, 80 trillion dollars have moved from the bottom 90% of Americans to the top 1%. This is totally unacceptable. We are seeing the harmful results of the current tax policies as the middle class collapses and the average American is struggling to provide a basic standard of living for their children. Trickle down economics was always a farce. Tax the ultra wealthy and restore balance in our economy!