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The ROBINHOOD Act amends the Internal Revenue Code to impose a 20 percent excise tax on secured loans and lines of credit (such as loans backed by stocks or other capital assets) for individuals with adjusted gross income exceeding $400,000 ($450,000 for joint returns). The tax applies to the amount borrowed during each taxable year and is collected annually by the IRS. The tax does not apply to residential mortgages, home equity loans, margin loans, or loans secured by farmland.
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