Birdwatch Note Rating
2024-10-27 13:14:38 UTC - HELPFUL
Rated by Participant: E14D650AD89439B80237A48BC72E157BB0CAA6F8AE8F8F4853C7F7A9FDC5FA57
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