Birdwatch Note Rating
2024-10-27 19:56:27 UTC - HELPFUL
Rated by Participant: DAD416D90A66A99A98313BC62EED894962E8A34053E950B51F97E5D2D40F1E8E
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