The ugly tax battle brewing between baby boomers and millennials
Property tax breaks and Social Security are fueling a generational war over how much millennials and boomers should pay — and who should get relief.
A battle is brewing between baby boomers and millennials over property taxes, with the former feeling they could face higher rates as cities struggle to maintain funding. Millennial Taylor Scriber of Texas is concerned about rising property taxes for first-time homebuyers, as older homeowners receive tax abatements. Scriber argues that cities will likely pass on budget cuts to younger residents through increased property taxes.
The tax issue is emblematic of a generational divide, with boomers feeling economically precarious due to shrinking retirement savings and potential Social Security cuts. Meanwhile, millennials question the long-term stability of Social Security and Medicare. The balance of power lies with older voters, who are more likely to participate in elections and influence lawmakers. This has led to targeted tax cuts for seniors, often at the expense of younger generations.
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