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H.R. 7502 117th Congress House

Babies over Billionaires Act of 2022

Official title: To amend the Internal Revenue Code of 1986 to adopt mark-to-market income tax rules for taxpayers with net worth above a specified threshold, and for other purposes.

Introduced: April 14, 2022 See on congress.gov
Taxation Accounting and auditingAdministrative law and regulatory proceduresAppropriationsBank accounts, deposits, capital
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Capital gains taxChild care and developmentCongressional oversightDepartment of the TreasuryEducation programs fundingElementary and secondary educationFamily servicesForeign and international bankingGovernment trust fundsHealth programs administration and fundingIncome tax ratesInterest, dividends, interest ratesSecuritiesState and local taxationTax administration and collection, taxpayers
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This bill died when the 117th Congress ended
It never became law before the 117th Congress (2021–2022) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
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.
Apr 14, 2022
Introduced in House
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 Latest action April 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.

 Plain-English summary Congressional Research Service

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.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 2
 Cosponsors 12
All 12 Democratic 9
D
Tlaib, Rashida
Michigan · Aug 12, 2022
 D
Evans, Dwight
Pennsylvania · May 10, 2022
Jones, Mondaire
· Apr 26, 2022
 D
McGovern, James P.
Massachusetts · Apr 18, 2022
 D
Schakowsky, Janice D.
Illinois · Apr 18, 2022
 D
Carson, André
Indiana · Apr 14, 2022
 D
Clarke, Yvette D.
New York · Apr 14, 2022
 D
Davis, Danny K.
Illinois · Apr 14, 2022
 D
Norton, Eleanor Holmes
District of Columbia · Apr 14, 2022
Pascrell, Bill
· Apr 14, 2022
 D
Watson Coleman, Bonnie
New Jersey · Apr 14, 2022
Wild, Susan
· Apr 14, 2022
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 7502: Babies over Billionaires Act of 2022. 117th Congress. Open America. https://openamerica.io/bill/117-HR-7502/
MLA
"H.R. 7502: Babies over Billionaires Act of 2022." 117th Congress, 2026, Open America, https://openamerica.io/bill/117-HR-7502/.
Bluebook (legal)
H.R. 7502, 117th Cong. (2026), https://openamerica.io/bill/117-HR-7502/.
Markdown link
[H.R. 7502: Babies over Billionaires Act of 2022](https://openamerica.io/bill/117-HR-7502/)
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