Birdwatch Note Rating
2024-10-27 13:17:03 UTC - NOT_HELPFUL
Rated by Participant: 1A3A2463BDFACCE31C3F2BFB58EA918534C1FD649860BDA60BB8028C7E49060C
Participant Details
Original Note:
Statement confuses equity growth with earned income. Billionaires’ wealth often grows through stock appreciation, not income, and is taxed differently (capital gains vs. income). Figures that Omar presents here reflect equity gains, and not cash earnings (income). https://www.investopedia.com/ask/answers/052015/what-difference-between-income-tax-and-capital-gains-tax https://www.heritage.org/taxes/report/the-wealth-billionaires-where-it-came-where-it-and-why-it-matters https://www.pewresearch.org/decoded/2021/07/23/whats-the-difference-between-income-and-wealth-and-other-common-questions-about-economic-concepts/ https://www.forbes.com/sites/dereksaul/2024/10/21/what-is-unrealized-capital-gains-tax-unpacking-economy-killer-proposal-on-ultra-wealthy/ https://www.chicagobooth.edu/review/billionaires-self-made
All Note Details