(The Center Square) – A new bill introduced by one of California’s congressional representatives aims to make the wealthiest Americans pay taxes on loans they take out against their assets.
House Resolution 10846, introduced by U.S. Rep. Laura Friedman, D-Glendale, would impose a tax of 23.8% on asset-backed loans. Only the amount above $1 million is considered taxable under the bill. The bill would apply to any loan, line of credit or restructured loan.
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