Many people are beginning to wrap their minds around the House Republicans’ proposed destination-based cash-flow tax and what it means for tax reform. Most people are still looking into the tax’s impacts on trade and how...
- The Tax Policy Blog
- Millionaire Taxpayers Tend to be Older
Millionaire Taxpayers Tend to be Older
For most Americans, incomes tend to rise with age. Thus, it is not surprising that in 2011, more than 80 percent of millionaires were older than age 45, and close to half of all millionaires (48 percent) were older than age 55. In fact, there are still more millionaires over the age of 65 than between the ages of 35 and 45. Moreover, despite the publicity given to the growing number of young millionaire athletes, celebrities, and entrepreneurs, only about 3 percent of all million-dollar tax returns are filed by taxpayers under the age of 35.
For more charts like the one below, see the second edition of our chart book, Putting a Face on America's Tax Returns.
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