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.