Today is April 29, the anniversary of the passage of the “People’s Budget” in Britain in 1910, the first budget in history with the intention of taxing wealth to redistribute it.
- Oregon Initiative...
This chart illustrates the aging of America’s taxpayers over a very short span of 14 years as the Baby Boomer generation moved through adulthood into their pre-retirement work years. In 1997, just 39 percent of all taxpayers were older than age 45. Today, nearly half (48 percent) are over 45 and that figure will likely continue to climb as more and more Baby Boomers get closer to retirement. Indeed, in 1997, just 10 percent of taxpayers were between the ages of 55 and 65. Today, 15 percent of taxpayers are in that age group. Moreover, in 1997, taxpayers over age 45 earned just over half of all income (53 percent). Today, they earn 62 percent of all income.
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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Today, the Tax Foundation released our new research on Initiative Petition 28 in Oregon, entitled “Oregon Initiative Petition 28: The Threat to Oregon’s Tax Climate.” If adopted, Oregon would rank worst in the nation on...