Representative Friedman Introduces Bill to Tax Asset-Backed Loans
- Reports
- 2
- Developments
- 1
- Repetition
- 50%
New informationRepeats or wire copies
What happened
U.S. Representative Laura Friedman introduced House Resolution 10846, which proposes a new tax on asset-backed loans. The bill would impose a 23.8% tax on any loan, line of credit, or restructured loan amount exceeding $1 million. The legislation excludes mortgages, student loans, auto loans, and business loans from the tax.
From hometownregister.com
Why it matters
The bill, titled The Pay Your TAB Act, aims to tax wealth accumulation methods used by the ultra-wealthy, specifically targeting the 'buy, borrow, die' strategy. The proposal would change the regulatory landscape by imposing a new federal tax on specific financial instruments.
From hometownregister.com
Who's involved
- Laura FriedmanIntroduced House Resolution 10846 to tax asset-backed loans.
- CongressThe legislative body through which Laura Friedman seeks to enact the tax bill.
Possible ripples
Who this could reach next, traced step by step from the reporting. Possibilities worth considering, not forecasts.Keep exploring
The entities involved
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Laura Friedman
American politician
Nothing else this week.
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Berkeley
city in Alameda County, California, United States