Today is Giving Tuesday, and if you love our blog, we hope you’ll consider making a special year-end gift to support the Tax Foundation's work in 2016.
As 2015 comes to a close, we're taking a look back at...
- The Tax Policy Blog
- Taxpayers over 45 Now Pay 74 Percent of All Income Taxes
Taxpayers over 45 Now Pay 74 Percent of All Income Taxes
As Americans age, more and more of the tax burden will be borne by older taxpayers. In 1997, 61 percent of all income taxes were paid by taxpayers over age 45. Today, that burden has jumped to 74 percent. The biggest increase has been in the tax share paid by taxpayers between 55 and 65. In 1997, this group paid 18 percent of all income taxes. Today, they are paying 27 percent of all income taxes. Those over age 65 are now paying nearly one-fifth of all income taxes. Naturally, this raises concerns over the ability of this older generation to save for their own retirement while financing the lion’s share of the cost of government, especially as Washington continues to raise taxes on the “rich” to close rising deficits.
For more charts like the one below, see the second edition of our chart book, Putting a Face on America's Tax Returns.
Get Email Updates from the Tax Foundation
We will never sell or share your information with third parties.
Join the Tax Foundation's fight for sound tax policy Go
About the Tax Policy Blog
The Tax Policy Blog is the official blog of the Tax Foundation, a non-partisan, non-profit research organization that has monitored tax policy at the federal, state and local levels since 1937. Our economists welcome your feedback. If you would like to send an e-mail to the author of a blog post, please click on that person's name to locate his or her e-mail address or visit our staff page here.