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United States · Bill · HR

H.R. 7502 (117th)

Babies over Billionaires Act of 2022

referredUnited States· United States Congress· EN

Introduced

14 April 2022

Last action

14 April 2022 · Introduced

Status

Referred to the Committee on Ways and Means, and in addition to the Committee on Education and Labor, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

Sponsors

Rep. Bowman, Jamaal [D-NY-16], Rep. Pascrell, Bill, Jr. [D-NJ-9], Rep. Davis, Danny K. [D-IL-7], Rep. Wild, Susan [D-PA-7], Del. Norton, Eleanor Holmes [D-DC-At Large], Rep. Watson Coleman, Bonnie [D-NJ-12], Rep. Carson, André [D-IN-7], Rep. Clarke, Yvette D. [D-NY-9], Rep. Schakowsky, Janice D. [D-IL-9], Rep. McGovern, James P. [D-MA-2], Rep. Porter, Katie [D-CA-47], Rep. Jones, Mondaire [D-NY-17], Rep. Evans, Dwight [D-PA-3], Rep. Tlaib, Rashida [D-MI-12]

Subjects

Taxation

Source updated

21 July 2025

Taxation

Official sourceDownload fileView documentsShare

Summary

Babies over Billionaires Act of 2022 This bill sets forth a special tax rule that requires the realization (i.e., deemed sold) at the end of the taxable year of the gains and losses of the publicly traded and private securities of taxpayers whose net worth exceeds $100 million. It limits the tax liability of such taxpayers to 35% of the amount by which their net worth exceeds $100 million at the end of the taxable year. The Internal Revenue Service must annually audit taxpayers whose net worth exceeds $100 million in the current taxable year and any of the 3 preceding taxable years and impose a penalty of 20% of understatements of tax (40% if understatements are due to failure to report an asset). The bill establishes the Family Investment Trust Fund to hold tax revenues generated by this bill for programs to support family well-being and the development of children.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

  1. 14 April 2022

    Introduced

    Referred to the Committee on Ways and Means, and in addition to the Committee on Education and Labor, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

    Source: IntroReferral

  2. 14 April 2022

    Introduced

    Introduced in House

    Source: IntroReferral

  3. 14 April 2022

    Introduced

    Introduced in House

    Source: IntroReferral

Votes

No vote records are attached yet.

Versions

Documents

3 official files

Introduced in House (text)

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  • Introduced in House (text)

    Introduced in House · EN · 14 April 2022

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  • Introduced in House (PDF)

    Introduced in House · EN · 14 April 2022

    ViewDownloadOpen at official source

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  • Introduced in House

    summary · EN · 14 April 2022

    Open at official source

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Sponsors

Related records

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Sources

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