3.0.0 7502 2023-03-08T20:12:44Z 2023-03-08T20:12:44Z House HR 2022-04-14 117 [Congressional Record Volume 168, Number 64 (Thursday, April 14, 2022)][House]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. BOWMAN:H.R. 7502.Congress has the power to enact this legislation pursuantto the following:Article 1 Section 8 of the Constitution gives Congress thepower to lay and collect taxes to provide for the generalwelfare of the United States.[Page H4444]]]> hsed00 Education and the Workforce Committee House Standing Referred to 2022-04-14T17:03:00Z hswm00 Ways and Means Committee House Standing Referred to 2022-04-14T17:02:50Z 2022-04-14 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. IntroReferral H11100 2 House floor actions hsed00 Education and the Workforce Committee 2022-04-14 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. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2022-04-14 Introduced in House IntroReferral Intro-H 9 Library of Congress 2022-04-14 Introduced in House IntroReferral 1000 9 Library of Congress B001223 Rep. Bowman, Jamaal [D-NY-16] Jamaal Bowman D NY 16 N P000096 Rep. Pascrell, Bill, Jr. [D-NJ-9] WILLIAM PASCRELL D NJ J. 9 2022-04-14 True D000096 Rep. Davis, Danny K. [D-IL-7] DANNY DAVIS D IL K. 7 2022-04-14 True W000826 Rep. Wild, Susan [D-PA-7] Susan Wild D PA 7 2022-04-14 True N000147 Del. Norton, Eleanor Holmes [D-DC-At Large] ELEANOR NORTON D DC HOLMES 0 2022-04-14 True W000822 Rep. Watson Coleman, Bonnie [D-NJ-12] Bonnie Watson Coleman D NJ 12 2022-04-14 True C001072 Rep. Carson, Andre [D-IN-7] Andre Carson D IN 7 2022-04-14 True C001067 Rep. Clarke, Yvette D. [D-NY-9] Yvette Clarke D NY D. 9 2022-04-14 True S001145 Rep. Schakowsky, Janice D. [D-IL-9] JANICE SCHAKOWSKY D IL D. 9 2022-04-18 False M000312 Rep. McGovern, James P. [D-MA-2] JAMES MCGOVERN D MA P. 2 2022-04-18 False P000618 Rep. Porter, Katie [D-CA-45] Katie Porter D CA 45 2022-04-18 False J000306 Rep. Jones, Mondaire [D-NY-17] Mondaire Jones D NY 17 2022-04-26 False E000296 Rep. Evans, Dwight [D-PA-3] Dwight Evans D PA 3 2022-05-10 False T000481 Rep. Tlaib, Rashida [D-MI-13] Rashida Tlaib D MI 13 2022-08-12 False Taxation Accounting and auditing Administrative law and regulatory procedures Appropriations Bank accounts, deposits, capital Capital gains tax Child care and development Congressional oversight Department of the Treasury Education programs funding Elementary and secondary education Family services Foreign and international banking Government trust funds Health programs administration and funding Income tax rates Interest, dividends, interest rates Securities State and local taxation Tax administration and collection, taxpayers Taxation 00 2022-04-14 Introduced in House 2022-06-28T17:29:12Z 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.

]]> Babies over Billionaires Act of 2022 Display Title Babies over Billionaires Act of 2022 Short Title(s) as Introduced Babies over Billionaires Act of 2022 Introduced in House IH Official Title as Introduced 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 in House IH Introduced in House 2022-04-14T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-117hr7502ih/xml/BILLS-117hr7502ih.xml 2022-04-14 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. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.