Birdwatch Note Rating
2024-10-27 23:57:54 UTC - HELPFUL
Rated by Participant: 1ED7A00636B76878E3F64339900394457FD689F8041367D0C2C9E6C9B0FA59E3
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