Language sleight of hand alert!

Not at all. I've been very careful in this thread to clarify that when people earn money from appreciated investments that it is not recognized as taxable income under the U.S. code.

But, again, that doesn't mean it doesn't exist. That doesn't mean that people don't actually earn money through appreciating assets. Most of the largest fortunes in the U.S. were accumulated primarily this way, and (as a general rule) anyone who is a billionaire has earned almost their entire fortune that way.

So, no, Biden is correct that billionaires generally don't pay very much tax on the money they've earned. I've been quite clear in acknowledging that the reason they don't pay very much tax on the money they've earned is because it's not subject to taxation, as it isn't realized income. But that doesn't mean that they haven't actually earned those billions of dollars. They have. And they haven't paid very much in taxes on those vast fortunes. Which means it is a legitimate policy point to note that the tax code treatment of those earnings doesn't result in an especially fair outcome.