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Tax on unrealized gains for the wealthiest and a fund for families.

This bill introduces new tax rules for individuals with a net worth over $100 million. They will pay tax on a portion of their unrealized gains from assets, and the collected funds will go into a special trust fund supporting family well-being and child development.
Key points
The new tax applies only to individuals with a net worth exceeding $100 million.
Tax will be calculated annually on 30% of the value of publicly traded assets, even if not sold.
Every 5 years, tax will be calculated on 50% of the value of other assets that are not publicly traded.
The tax on unrealized gains cannot exceed 35% of the net worth above the $100 million threshold.
Option to pay the tax on non-publicly traded assets in 5 annual installments with a deferral charge.
Revenue from this tax will fund programs supporting family well-being and child development.
Individuals subject to this tax will be audited annually by the tax authority.
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Expired
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Additional Information
Print number: 117_HR_7502
Sponsor: Rep. Bowman, Jamaal [D-NY-16]
Process start date: 2022-04-14
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Summarized by: gemini-2.5-flash-preview-04-17
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Babies over Billionaires Act of 2022

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_7502.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2022-04-14.

What are the main provisions?

Key points include:

  • The new tax applies only to individuals with a net worth exceeding $100 million.
  • Tax will be calculated annually on 30% of the value of publicly traded assets, even if not sold.
  • Every 5 years, tax will be calculated on 50% of the value of other assets that are not publicly traded.
  • The tax on unrealized gains cannot exceed 35% of the net worth above the $100 million threshold.
  • Option to pay the tax on non-publicly traded assets in 5 annual installments with a deferral charge.
  • Revenue from this tax will fund programs supporting family well-being and child development.
  • Individuals subject to this tax will be audited annually by the tax authority.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Bowman, Jamaal [D-NY-16].

What is the latest detailed status?

The latest detailed status is: Introduced in House

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-28.

CATEGORIES

Taxes Family