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Today, Congressman Jamaal Bowman, Ed.D. (NY-16) introduced legislation titled the "Babies Over Billionaires Act" which would tax the unrealized capital gains of the top 0.01% of taxpayers with over $100 million in assets.
Today, Congressman Jamaal Bowman, Ed.D. (NY-16) introduced legislation titled the "Babies Over Billionaires Act" which would tax the unrealized capital gains of the top 0.01% of taxpayers with over $100 million in assets.
"Since the pandemic began, everyday people have borne the brunt of negative public health and economic outcomes. COVID-19 has taken nearly one million lives in the United States alone, forced people to decide between paying rent or buying food, and otherwise upended the livelihoods of millions, especially our youth," said Congressman Jamaal Bowman, Ed.D. (NY-16). "Meanwhile, American billionaires have shamelessly increased their collective wealth by more than $2 trillion. As a society it's time we center the people's needs who account for most of the American population, instead of roughly 700 billionaires who have swindled us all."
"Policy reflects our priorities, and for decades, the United States has chosen to invest in the personal wealth of billionaires while failing to invest in the tangible needs of our children and our communities. Working class people are taxed more than billionaires at times and often have their income more harshly scrutinized, all while struggling to keep up with the rising costs of basic needs like food and housing. At the same time, the tax code privileges billionaires who hide their wealth in an effort to avoid paying their fair share in taxes. The IRS also lacks the resources and capacity needed to audit and tax the ultra wealthy, while consistently auditing and taxing working families more. This bill would direct more resources towards the IRS to audit and tax people whose income requires more than reviewing just a W-2 or 1099 form, people like billionaires. By auditing and taxing the 700 richest people in our country the wealthy will finally pay their fair share. As a result more taxpayers funds would be made available for children-centered programs in the U.S. Department of Education and the U.S. Department of Health and Human Services. We must invest in our youth's future and critical social safety nets - the wealthy are more than capable of funding that effort!"
"Billionaires should pay their fair share of taxes - just like everyday workers, just like a grocery clerk, a teacher, a police officer, or a nurse," said Congressman Danny K. Davis (Il-7). "Equitable taxation is a critical step to providing much-needed federal investment to strengthen children and families."
"Billionaires and working families have had extremely different experiences in the last two years," said Congresswoman Susan Wild (PA-7). "This bill will address the inequities in our tax code that keep the ultra-wealthy from paying their fair share and will invest the revenue raised in those who deserve it most: our children and hardworking families."
"America has a two-tier tax system: one system for the millionaires and billionaires, and one system for everyone else. That unfair system is a primary driver of the economic divisions slowly tearing America apart," said Congressman Bill Pascrell (NJ-9), a senior member of the tax-writing House Ways and Means Committee and lead sponsor of legislation to close the infamous stepped-up basis and carried interest loopholes. "This legislation is another sharp tool to rebalance our unfair two-tier tax system and finally begin making those at the top pay their rightful share. Measures like this are essential to rebuilding public confidence in our nation. I thank Rep. Bowman for his aggressive work to make our tax system fair again."
It's time the tax code works for working families and not just wealthy people. The Babies Over Billionaires Act proposes income tax reform for the ultra-wealthy that would disproportionately impact the roughly 700 billionaires in the country to raise more than $1 trillion over ten years.
Specifically, the Babies Over Billionaires Act will:
* Annually tax 30% of unrealized gains of ultra-millionaires from publicly traded capital assets at the prevailing long-term capital gains rate;
* Tax 50% of unrealized gains of private capital assets at the prevailing long-term capital gains rate every 5 years;
* Mandate the IRS annually audit filers reporting in excess of $100 million in assets to crack down on rampant tax abuse by the wealthy.
* Invest the revenue raised by this tax in programs run by the Department of Education and HHS that support families and children.
Co-leads of the legislation include Representatives Bill Pascrell, Danny K. Davis, and Susan Wild.
Co-sponsors of the legislation include Representatives Eleanor Holmes Norton and Bonnie Watson Coleman.
Sponsoring organizations and people include: the American Federation of Teachers, Patriotic Millionaires, Economic Security Project Action, National Latino Farmers & Ranchers Trade Association, Progressive Change Campaign Committee, National Black Justice Coalition, Americans for Democratic Action (ADA), Coalition on Human Needs, MomsRising, Missionary Oblates of Mary Immaculate JPIC, People's Action, Jobs with Justice, RootsAction.org, Family Values @ Work Action, Public Citizen, National Asso. for Hispanic Elderly, Main Street Alliance, NETWORK Lobby for Catholic Social Justice, Family Values@Work, Institute on Taxation and Economic Policy, RESULTS, Oxfam America, National Coalition for the Homeless, Indivisible, MoveOn and American Federation of State, County & Municipal Employee
Click here for a one-page summary of the Babies Over Billionaires Act.
Click here for a section-by-section of the Babies Over Billionaires Act.
Click here for full bill text of the Babies over Billionaires Act.
"The existing income tax is badly broken as applied to most billionaires and mega-millionaires, who are typically able to escape all tax on the majority of their true income or the returns to their invested wealth. This bill would fix the income tax by ending the ways in which billionaires and mega-millionaires currently escape tax. The bill uses an innovative phased mark-to-market methodology to spread out the taxation of investment gains over time so as to minimize valuation problems and volatility," said David Gamage, Law Professor at University of Indiana.
"Basic fairness and sound tax policy more broadly indicate that we need to do better at taxing the income of the extremely wealthy. This bill introduces two important innovations. First, the bill only taxes a portion of the capital gains of billionaires, which helps deal with fluctuations in asset value. Second, the bill taxes privately held assets, but less regularly than public assets. This will prevent gamesmanship between asset categories while also not imposing too great an administrative burden," said Darien Shanske, Law Professor at UC Davis.
"This legislation makes a simple yet profound statement: our tax system must start benefiting babies and their working parents, and stop coddling billionaires and their yachts. This bill will close one of the worst tax loopholes so that billionaires and other ultrarich people will be taxed annually on their investment gains--just like workers are taxed every year on their wages. Rep. Bowman's bill makes the tax system fairer while raising lots of needed revenue from the ones best able to supply it," said Frank Clemente, Executive Director, Americans for Tax Fairness.
"For too long, our tax system has made it possible for the super rich to extract wealth from white, Black and Brown working people, while not paying their fair share for the services we all use. This has created exploding white billionaire wealth and struggling Black and Brown working families. It's time we start using the tax code to build wealth for working people," said Mandla Deskins, Take on Wall Street at Americans for Financial Reform.
"Too many American families are struggling--living paycheck to paycheck or not making ends meet, particularly with rising costs, while doing their best to keep their loved ones healthy and helping their kids stay safe and engaged at school. The past two years have challenged us in so many ways, and the American family has stepped up each time. Yet at the same time, American billionaires are making a killing during COVID-19, managing to accumulate more than $1.7 trillion in new wealth during the pandemic and, in some cases, paying as little as nothing in federal taxes.
No one should be profiting off a pandemic while shirking their responsibilities to pay their fair share, especially at the expense of our youth. Rep. Jamaal Bowman's Babies Over Billionaires Act is just a commonsense rebalancing of the tax code by rewarding work instead of extreme wealth and prioritizing investments that benefit our nation's future generations," said Randi Weingarten, President of the American Federation of Teachers.
"While the country suffered during the COVID crisis, the wealth of the billionaire class surged by $2 trillion, and these wealth gains have gone largely untaxed. [Rep.] Bowman's bill addresses head-on this tax injustice by making sure billionaires pay their fair share and pay it timely. The proposed tax will raise more than $1T over the next 10 years solely from billionaires, making it possible to keep funding the expansion of the child tax credit that cut child poverty in half in 2021," said Emmanuel Saez, Economics Professor at UC Berkeley.
"While ordinary workers have to pay taxes year after year, billionaires can defer taxation for decades and sometimes forever. Congressman Bowman's bill is a common-sense solution to this unjustifiable situation," said Gabriel Zucman, Economics Professor at UC Berkeley.
"Our current tax code is ill-equipped to handle the realities of modern wealth. As a result, billionaire wealth in America has skyrocketed while many pay virtually no taxes. Their ability to choose when to pay taxes on their capital gains gives them an enormous advantage over people who pay taxes on every paycheck. It's time to require the richest people in this country to pay taxes every year just like Americans who work for a living. The Babies over Billionaires Act is exactly what this country needs - it would fix one of the fundamental injustices of our tax code and raise hundreds of billions of dollars while costing 99.9% of Americans nothing," said Morris Pearl, the Chair of the Patriotic Millionaires and a former managing director at BlackRock, Inc.
"Rep. Bowman's bill tackles the single biggest inequity in the tax code - the fact that billionaires often pay no tax at all as they accumulate their enormous wealth, while working people have taxes taken out of every paycheck. With President Biden's billionaire minimum tax proposal and this important new legislation, there is growing momentum to fix our broken tax code and plans on the table that are both bold and practical. Rep. Bowman and colleagues should be commended for confronting inequality head on and prioritizing children and families," said Seth Hanlon, Senior Fellow for Tax and Budget Policy at Center for American Progress.
Jamaal Anthony Bowman is an American politician and educator serving as the U.S. representative for New York's 16th congressional district since 2021.
(202) 225-2464"More of this energy from every Democrat please," said one progressive commentator as the New Jersey lawmaker continued to hold the floor of the U.S. Senate with a speech that has lasted more than 20 hours—and counting.
This is a developing news story... Please check back for possible updates.
Answering the voting public's growing call for the Democratic Party to actually stand up to Republicans' sweeping assault on the federal government, led by U.S. President Donald Trump and his billionaire adviser Elon Musk, Sen. Cory Booker took to the Senate floor at 7:00 pm Eastern Time on Monday and was still speaking as of Tuesday afternoon.
Early in his remarks, Booker (D-N.J.) cited the example of late Congressman John Lewis (D-Ga.), a civil rights icon who famously declared in 2020, "Get in good trouble, necessary trouble, and help redeem the soul of America."
Booker, who ran for president in 2020, explained Monday that he asked himself, "If he's my hero, how am I living up to his words?"
"What's happened in the past 71 days in a patent demonstration of a time where John Lewis' call to everyone has, I think, become more urgent and more pressing," Booker said. "So, tonight, I rise tonight with the intention of getting in some good trouble. I rise with the intention of disrupting the normal business of the United States Senate for as long as I am physically able."
"I rise tonight because I believe sincerely that our country is in crisis—and I believe that not in a partisan sense, because so many of the people that have been reaching out to my office in pain, in fear, having their lives upended, so many of them identify themselves as Republicans," the senator continued.
Booker stressed that "bedrock commitments are being broken, unnecessary hardships are being borne by Americans of all backgrounds, and institutions which are special in America, which are precious, which are unique in our country, are being recklessly and I would say even unconstitutionally affected, attacked, and even shattered."
"In just 71 days, the president of the United States has inflicted so much harm on Americans' safety, financial stability, the core foundations of our democracy, and even our aspirations as a people for, from our highest offices, a sense of common decency. These are not normal times in America, and they should not be treated as such," he argued. "I can't allow this body to continue without doing something different, speaking out. The threats to American people and American democracy are grave and urgent, and we all must do more—we all must do more against them."
Booker accused the president of "betraying" America and causing "chaos, instability, and harm" by working to gut a wide range of programs—an effort spearheaded by Trump's Musk-led Department of Government Efficiency—while seeking tax cuts for wealthy people and corporations, which Republicans are trying to push through Congress.
Over several hours, the senator addressed topics such as GOP attacks on healthcare, including efforts to cut Medicaid; attempts to dismantle the Social Security Administration and the U.S. Department of Education; a mass deportation agenda that has swept up immigrants like Kilmar Abrego Garcia; and the administration's "national security policies that are leaving our allies abandoned, our adversaries emboldened, and Americans less safe."
Throughout Booker's many hours standing at the podium—he reportedly had the chair removed to avoid the temptation to sit down—he sporadically yielded for a question from a Democratic colleague while retaining the floor, which gave him opportunities to rest his voice and transition from topic to topic.
As The Associated Pressreported: "Democratic aides watched from the chamber's gallery, and Sen. Chris Murphy accompanied Booker throughout his speech. Murphy was returning the comradeship that Booker had given to him in 2016 when the Connecticut Democrat held the floor for almost 15 hours to argue for gun control legislation."
Other Democrats who asked questions of Booker included Senate Minority Leader Chuck Schumer (N.Y.) and Sens. Angela Alsobrooks (Md.), Michael Bennet (Colo.), Richard Blumenthal (Conn.), Maria Cantwell (Wash.), Chris Coons (Del.), Tammy Duckworth (Ill.), Kirsten Gillibrand (N.Y.), Amy Klobuchar (Minn.), Ben Ray Luján (N.M.), Ed Markey (Mass.), Patty Murray (Wash.), Alex Padilla (Calif.), Jack Reed (R.I.), Adam Schiff (Calif.), Jeanne Shaheen (N.H.), Chris Van Hollen (Md.), Raphael Warnock (Ga.), Mark Warner (Va.), Elizabeth Warren (Mass.), Peter Welch (Vt.), Sheldon Whitehouse (R.I.), and Ron Wyden (Ore.). Independent Sen. Angus King (Maine), who caucuses with Democrats, also joined in.
Many of them praised Booker's stunt—as did Trump critics across social media, including Democrats in the lower chamber such as former House Speaker Nancy Pelosi (Calif.) and Rep. Ilhan Omar (Minn.), who declared that "this is the kind of relentless resistance our democracy demands."
As of press time, Booker had been speaking for over 20 hours. Congressman Ro Khanna (D-Calif.) said: "Proud of Cory Booker! It would be poetic justice if he beats Strom Thurmond's record of speaking 24 hours and 18 minutes to block the 1957 Civil Rights Act. Yes, the longest filibuster in our nation's history was to block civil rights."
Booker's move came amid calls for Schumer to step down as minority leader after caving to Republicans during the latest government shutdown crisis, and as polling shows that a large majority of registered Democrats and Independent voters who lean Democratic are frustrated with the party for not effectively fighting Trump and supporting working poeple.
Sharing the livestream on social media Tuesday, the American Federation of Teachers said: "Sen. Booker has been standing on the Senate floor since last night, speaking powerfully on behalf of families and our nation. Thank you for your unwavering leadership, Sen. Booker."
Matt Royer of Young Democrats of America asserted that what Booker "is doing is heroic and courageous and exactly what we're looking for from Washington during this time. If you are not following along with this and why he is doing it, you absolutely should."
Podcaster Brian Tyler Cohen similarly pleaded, "More of this energy from every Democrat please."
"There is no way this makes Americans healthier."
HIV prevention. Anti-tobacco advocacy. The safety of mining workers.
All are among the health priorities that evidently have no place in U.S. President Donald Trump and Health and Human Services Secretary Robert F. Kennedy's vision to "Make America Healthy Again," following the mass firing of 10,000 people at the nation's top health agencies on Tuesday.
The layoffs hit the Centers for Disease Control and Prevention (CDC) and the Food and Drug Administration (FDA), with some staffers informed of their dismissal after they arrived at work—only to be told to return home.
Kayla Tausche at CNN reported that laid off employees at the HHS building in Rockville, Maryland were forced to do a "walk of shame" past dozens of their former colleagues who were lined up outside the building, waiting to learn their own fate.
The employees who were laid off Monday evening into Tuesday are the latest of more than 100,000 federal workers who have lost their jobs since Trump took office and placed billionaire tech mogul and megadonor Elon Musk at the help of the so-called Department of Government Efficiency. Last week, Kennedy said the federal health agency workforce would be reduced from about 82,000 to 62,000 people, with the restructuring making room for what he called "the Administration for a Healthy America" at HHS.
"We're going to do more with less," said the secretary, who has expressed skepticism about the scientifically proven benefits of vaccinations and claimed without evidence that the rate of chronic disease rose over the four years that former President Joe Biden was in the White House.
Kennedy said last week that communications for the health agencies would be brought under his control in the "restructuring," and many of the layoffs impacted people responsible for relaying information to the public.
Twenty people who handle public communications for one National Institutes of Health (NIH) program analyzing the genes of volunteers for health research were among those placed on administrative leave Tuesday—a precursor to being laid off, one official toldUSA Today.
The FDA's Office of Media Affairs was also disbanded, as well as most of the 50-person communications team for the agency's Center for Drug Evaluation and Research, which manages information on drug approvals, shortages, and potential risks.
"The general public likely won't feel the results of these HHS layoffs immediately," said Larry Levitt, executive vice president of KFF. "But eventually, these layoffs will affect the health information available to people, access to care and prevention, and oversight of health and social services."
Other impacted employees include those in internal agencies focused on the health of senior citizens, people with disabilities, and minority communities, and workers studying asthma, lead poisoning, radiation damage, and the health effects of extreme heat and wildfires.
The administration appeared to see HIV prevention as a key target, placing the director of the National Center for HIV, Viral Hepatitis, STD, and TB Prevention on administrative leave and dismantling teams that do HIV research and surveillance.
Despite his claims last week about wanting to fight chronic disease, Kennedy did not outline plans to better equip the federal government to fight heart disease, diabetes, and other chronic conditions. At the CDC, The New York Times reported Tuesday, "entire departments studying chronic diseases and environmental problems were cut."
In a post on LinkedIn on Tuesday, former FDA Commissioner Robert Califf, who served under Biden and former President Barack Obama, said the agency "as we've known it is finished" and warned the federal government was losing critical institutional knowledge by firing thousands of people.
"I believe that history will see this [as] a huge mistake," said Califf. "I will be glad if I'm proven wrong, but even then there is no good reason to treat people this way. It will be interesting to hear from the new leadership how they plan to put 'Humpty Dumpty' back together again."
Journalist Sam Stein of The Bulwarkcalled the mass firings "an absolute bloodbath" with a "generation of scientists, healthcare officials being wiped out."
Brown University professor Dr. Craig Spencer said the country "will regret this."
"These are the people who make sure the medications you and your children take are safe. These are the people who perform and oversee research on cancer, infant health, and so, so, so much more. These are the people who make sure new devices that physicians and patients use are effective," said Spencer. "And now, thousands of them are gone. There is no way this makes Americans healthier."
"Instead of focusing on delivering benefits to seniors and people with disabilities, President Trump and unelected billionaire Elon Musk are systematically dismantling SSA."
As the Republican-controlled Senate Finance Committee on Tuesday prepared to advance Frank Bisignano, U.S. President Donald Trump's nominee for Social Security Administration commissioner, a report from the office of Sen. Bernie Sanders warned that the number of people who will die waiting for benefits could more than double under a plan by Elon Musk's Department of Government Efficiency to slash SSA staffing by up to 50%.
"Social Security is the most successful government program in our nation's history. For more than 86 years, through good times and bad, Social Security has paid out every benefit owed to every eligible American on time and without delay," states the report from Sanders (I-Vt.), the ranking member on the Senate Subcommittee on Social Security, Pensions, and Family Policy.
"Social Security is the most successful government program in our nation's history."
Noting that "Social Security lifts roughly 27 million Americans out of poverty each and every year," the publication asserts that "at a time of massive wealth inequality, our job must be to expand and strengthen Social Security. Yet, instead of focusing on delivering benefits to seniors and people with disabilities, President Trump and unelected billionaire Elon Musk are systematically dismantling SSA."
"Roughly 3,000 employees have already been terminated or accepted voluntary separations from SSA. [Trump and Musk] have made unsubstantiated claims that there is massive fraud in the program and are proposing reckless cuts to SSA's workforce upward of 7,000 workers," the report continues. "In March 2025, former Commissioner of Social Security Martin O'Malley stated that due to the efforts of Elon Musk and DOGE, Americans could 'see the system collapse and an interruption of benefits' in "the next 30 to 90 days."
According to Sanders' report, "average wait times for Social Security disability benefits will double, and—more startlingly—the number of people who will die waiting for benefits will double to roughly 67,000 Americans" under DOGE-proposed cuts to SSA's workforce.
Musk has zeroed in on both Social Security benefits and staffing under the guise of reducing "waste and fraud" in "entitlement spending" on social safety net programs. In addition to proposing the elimination of up to 50% of SSA's workforce, the world's richest person has said that up to $700 billion could be cut from programs including Social Security, Medicare, and Medicaid.
"If SSA cuts 50% of employees making disability determinations, this will result in a 412-day wait for an initial decision" on Supplemental Security Income (SSI) or Social Security Disability Insurance (SSDI) claims, the Sanders report states.
The publication cites the case of Sheryl, a disabled California woman:
Right now I'm waiting for approval from SSDI and getting feedback from my private long-term disability insurance company that they want to try to send me back to work, while I have 13 doctors overseeing my care. If I succeed in convincing these heartless vultures that I'm disabled enough to rest, I will continue to worry that my fixed income will go less and less toward being able to live. If I don't, I will be put in a position to ignore my health and go back to work long enough to kill myself and leave my kids with no one. Welcome to America! One thing that would relieve a lot of stress is getting an approval... so that I know what my income will be and not have to worry that I'll end up in an economic landslide into the abyss.
Musk recently referred to Social Security as "the biggest Ponzi scheme of all time," echoing Trump's claim that the vital lifeline is a "scam" and adding to a long list of lies about social safety net programs.
"President Trump and Elon Musk have suggested that 'millions and millions' of dead people receive Social Security checks. That is an outrageous lie designed to undermine Americans' faith in Social Security," Sanders said on Tuesday. "Here's the truth: 30,000 people die a year waiting for an understaffed Social Security to approve disability benefits. The Trump-Musk plan to cut Social Security's staff by up to 50% will make this tragic reality even worse, and Frank Bisignano is there to see it through. We cannot let that happen."
Critics say Trump's nomination of Bisignano, a financial services executive with a private sector reputation as an aggressive cost-cutter, belies the president's claim that he is "not touching" Social Security. Senate Democrats have urged Trump to rescind Bisignano's nomination, pointing to his alleged lies under oath regarding improper contact with SSA and DOGE officials and fears over the administration's suspected privatization agenda.
"Putting Bisignano as head of Social Security is hiring an arsonist to run the fire station, plain and simple," Senate Minority Leader Chuck Schumer (D-N.Y.) said ahead of Tuesday's vote.
"I knew [Frank Bisignano] when he was a businessman in New York. Businesses would bring him on board if they wanted to cut, cut, cut. Putting Bisignano as head of Social Security is hiring an arsonist to run the fire station, plain and simple." - @schumer.senate.gov
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— Social Security Works (@socialsecurityworks.org) April 1, 2025 at 8:40 AM
The Sanders report says that "the bottom line is this: Social Security belongs to the people who worked hard all their lives to earn their benefit. This is a program based on a promise—if you pay in, then you earn the right to guaranteed benefits. We cannot allow this promise to be broken."
In order to keep that promise, the report recommends actions including:
"Instead of slashing Social Security's staff, closing down Social Security field offices, we should be making it easier, not harder, for seniors and people with disabilities to receive the Social Security benefits that they have earned and deserve," Sanders said Tuesday.
In a bid to "fight back" against the Trump administration's attacks, Sens. Elizabeth Warren (D-Mass.), Ron Wyden (D-Ore.), Mark Kelly (D-Ariz.), and Raphael Warnock (D-Ga.) on Tuesday launched a "Social Security War Room."
Warren's office said the initiative will "focus on coordinating messaging across the Senate Democratic Caucus and external stakeholders; encouraging grassroots engagement by providing opportunities for Americans to share what Social Security means to them; and educating Senate staff, the American public, and stakeholders about Republicans' agenda, and their continued cuts to service and benefits."
"Senate Democrats are united in saying: Trump and Elon, get your hands off our Social Security," Warren said in a statement ahead of a Tuesday press conference. "We're fighting back on behalf of every single senior, every single parent of a kid with a disability supported by Social Security, every single person currently paying into the program for later down the line, and every American who cares that seniors can retire with dignity."