# 117-hr-7502: Babies over Billionaires Act of 2022

117-hr-7502, Babies over Billionaires Act of 2022, is a 117th Congress bill sponsored by Rep. Bowman, Jamaal [D-NY-16] (D-NY); 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. (as of 2025-11-18).

- Canonical: https://policyrisk.com/legislation/117-hr-7502
- As of: 2025-11-18
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Bill: 117-hr-7502
- Congress: 117
- Title: Babies over Billionaires Act of 2022
- 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.
- Introduced: 2022-04-14
- Sponsor: Rep. Bowman, Jamaal [D-NY-16] (D-NY)
- Cosponsors: 13
- Policy area: Taxation
- Touches household money: no
- Last recorded action: 2025-11-18

## 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.

## Cosponsors (13)

- Rep. Pascrell, Bill, Jr. [D-NJ-9] (D-NJ), 2022-04-14T00:00:00.000Z
- Rep. Davis, Danny K. [D-IL-7] (D-IL), 2022-04-14T00:00:00.000Z
- Rep. Wild, Susan [D-PA-7] (D-PA), 2022-04-14T00:00:00.000Z
- Del. Norton, Eleanor Holmes [D-DC-At Large] (D-DC), 2022-04-14T00:00:00.000Z
- Rep. Watson Coleman, Bonnie [D-NJ-12] (D-NJ), 2022-04-14T00:00:00.000Z
- Rep. Carson, André [D-IN-7] (D-IN), 2022-04-14T00:00:00.000Z
- Rep. Clarke, Yvette D. [D-NY-9] (D-NY), 2022-04-14T00:00:00.000Z
- Rep. Schakowsky, Janice D. [D-IL-9] (D-IL), 2022-04-18T00:00:00.000Z
- Rep. McGovern, James P. [D-MA-2] (D-MA), 2022-04-18T00:00:00.000Z
- Rep. Porter, Katie [D-CA-47] (D-CA), 2022-04-18T00:00:00.000Z
- Rep. Jones, Mondaire [D-NY-17] (D-NY), 2022-04-26T00:00:00.000Z
- Rep. Evans, Dwight [D-PA-3] (D-PA), 2022-05-10T00:00:00.000Z
- Rep. Tlaib, Rashida [D-MI-12] (D-MI), 2022-08-12T00:00:00.000Z

## Related bills

- 117-hr-3525: Commission To Study the Potential Creation of a National Museum of Asian Pacific American History and Culture Act
- 117-hr-1842: Harriet Tubman Bicentennial Commemorative Coin Act
- 117-hr-8297: Ensuring Women’s Right to Reproductive Freedom Act
- 117-hres-1152: Condemning the atrocity that occurred in Buffalo, New York, on May 14, 2022, in which 10 Americans were killed and 3 were injured, and in which 11 of the 13 vi…
- 117-hr-6860: Latonya Reeves Freedom Act of 2022
- 117-hr-6117: PrEP Access and Coverage Act

## Sources
- [117-hr-7502 on Congress.gov](https://www.congress.gov/bill/117th-congress/house-bill/7502)

## Related
- [117-hr-3525: Commission To Study the Potential Creation of a National Museum of Asian Pacifi…](https://policyrisk.com/legislation/117-hr-3525)
- [117-hr-1842: Harriet Tubman Bicentennial Commemorative Coin Act](https://policyrisk.com/legislation/117-hr-1842)
- [117-hr-8297: Ensuring Women’s Right to Reproductive Freedom Act](https://policyrisk.com/legislation/117-hr-8297)
- [117-hres-1152: Condemning the atrocity that occurred in Buffalo, New York, on May 14, 2022, in…](https://policyrisk.com/legislation/117-hres-1152)
- [117-hr-6860: Latonya Reeves Freedom Act of 2022](https://policyrisk.com/legislation/117-hr-6860)
- [117-hr-6117: PrEP Access and Coverage Act](https://policyrisk.com/legislation/117-hr-6117)
- [All bills in Congress](https://policyrisk.com/legislation)

Source: PRIA, https://policyrisk.com/legislation/117-hr-7502 (as of 2025-11-18).