H.R. 7502 · 117th Congress
Babies over Billionaires Act of 2022
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Never voted on. It didn't reach a floor vote before the 117th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
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BowmanSponsor13 cosponsors · 13 D
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Clarke
AC
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Carson
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Davis
EN
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Norton
BP
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Pascrell
BW
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Watson Coleman
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Wild
JM
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McGovern
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Porter
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Schakowsky
MJ
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Jones
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Evans
RT
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Tlaib7 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
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.
What it does: CRS summary · Introduced in House · Apr 14, 2022
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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Babies over Billionaires Act of 2022
Latest action (Apr 14, 2022): 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.
Policy area: Taxation · Origin: House · Introduced: Apr 14, 2022
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.