This chart illustrates the aging of America’s taxA tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general government services, goods, and activities. payers 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.
