Birdwatch Note Rating
2024-10-27 13:41:25 UTC - HELPFUL
Rated by Participant: 9C5C44890E21E243057561712A1A61A89E6FAB0AD407CA7E281A287ADD65716D
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
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