Final answer:
Wealth does not include all incomes; rather, it represents the accumulation of assets owned by a taxpayer, while income is the regular flow of money received.
Step-by-step explanation:
The statement 'Wealth includes all incomes that flow to a taxpayer' is False. While income is a flow of money that a taxpayer receives on a regular basis, such as monthly or annual earnings from employment or investments, wealth is the accumulation of valuable assets that a taxpayer owns. Wealth includes the sum value of all assets like money in bank accounts, financial investments, a pension fund, and the value of a home, minus any debts such as mortgages and credit cards. Simply put, income is what you earn, whereas wealth is what you accumulate and own.