Wealth and income are related, but are not the same thing. Wealth is assets while Income is earnings. Wealth could come from saving/investing income, but it can also come from “unearned income” like the appreciation of assets.

I personally don’t support Wealth Taxes because wherever they’ve been implements, they’ve had limited effects. I’ve yet to hear a good plan for how to execute a Wealth Tax and haven’t heard good answers for questions like, “Do we allow for depreciation of wealth?” and if so, “How do we avoid that turning into a tax loophole.”

Either way, wealth and income aren’t the same thing.