@SteveRoth this analysis by @blair_fix is compelling in conventional terms, but a bit more complicated if holding gains are computed as income, per your work, given the effect of interest rates on term asset prices.
was ZIRP a gift to capital (bc asset price appreciation) or a win for workers (bc factor income shares)? https://economicsfromthetopdown.com/2023/04/16/how-interest-rates-redistribute-income/