What is the current status of HR 6438?

HR 6438 is currently: Introduced.

Who sponsored HR 6438?

HR 6438 was sponsored by Daniel Goldman (D), Rep.

New Tax on High-Income Loans

IntroducedDecember 4, 2025

Introduced9 months ago

Intro

House

Senate

Pres

Referred to the House Committee on Ways and Means.

Taxation

Why This Matters

The bill introduces a tax on specific secured loans for high-income individuals to ensure they contribute more to the tax system. This change aims to address income inequality by targeting wealthier borrowers.

If you earn over $400,000 and take out specific loans, you will pay a new 20 percent tax on the borrowed amount.

Who this affects

Individuals earning over $400,000 · Loan borrowers

What changes is this bill making?

1This bill creates a new tax on certain loans and lines of credit.
2The tax is set at 20 percent of the amount borrowed each year.
3It applies to individuals earning over $400,000 a year.
4Residential mortgages and home equity loans are not included in this tax.
5The tax will be collected annually by the government.

Read full document

Last changed 24 days ago · checked hourly

New Tax on High-Income Loans

IntroducedDecember 4, 2025

Introduced9 months ago

Intro

House

Senate

Pres

Referred to the House Committee on Ways and Means.

Taxation

Why This Matters

If you earn over $400,000 and take out specific loans, you will pay a new 20 percent tax on the borrowed amount.

Who this affects

Individuals earning over $400,000 · Loan borrowers

What changes is this bill making?

1This bill creates a new tax on certain loans and lines of credit.
2The tax is set at 20 percent of the amount borrowed each year.
3It applies to individuals earning over $400,000 a year.
4Residential mortgages and home equity loans are not included in this tax.
5The tax will be collected annually by the government.

Read full document

Last changed 24 days ago · checked hourly