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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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Status:
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
System Note: Lustra is free, publicly auditable civic infrastructure, with full source code available on GitHub. You are reading sterilized legislative data, processed by our radical neutrality engine to strip political spin and retain factual mechanics. We process only official government data. Original documents remain the authoritative source, always verify them if you can.
Summarized by: gemini-2.5-flash-preview-04-17
Source data: api.congress.gov
AI work logs for this document launch

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.

What is the impact of this bill?

We don't know, that is up to you to decide. Summarizing raw data with AI is fundamentally different from predicting socio-economic outcomes. As of 2026, we believe impact assessment strictly requires a human in the loop to verify and judge.

CATEGORIES

Taxes Family