Generational Tax War: Boomers vs Millennials – Who’s Paying the Price?
As the US faces a generational tax battle, a shocking statistic highlights the issue: 61% of older and disabled homeowners pay no property taxes for school districts, leaving younger generations to shoulder the burden. The conflict is fueled by a sense of economic precarity, with boomers' retirement income dwindling and younger generations facing rising costs, including property taxes. The divide is not just about economics, but also about the U-shaped pattern of tax and government spending, where younger people pay more in taxes than they receive in benefits. Experts warn that without a reckoning, the burden will be volleyed from one generation to the next. A solution proposed by experts is to target an untapped base, such as lifting the payroll cap, and to divorce taxes from age entirely. Americans are united in wanting to raise revenues, rather than shear benefits. The issue is complex, but one thing is clear: it's time for a conversation about the future of taxes and social security. To stay updated on this story and more, be sure to subscribe to our channel.
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