Increase the Inheritance Tax
For some young workers, the aging of the American population means growing care burdens, while others anticipate a life-changing windfall. Higher taxes on the ever-growing number of inheritances could meaningfully reduce inequality.
As the population ages, more money is inherited each year. This is a growing opportunity — both to reduce inequality and to raise revenue to provide crucial social services that improve people’s lives. (Nathan Posner / Anadolu via Getty Images)
Our first figure visualizes population aging. It shows the share of the US population in different age bins over time. In 1950, young people made up a higher share of the population; a relatively smaller share of retirees sat atop a larger share of adults and young people. Over time, this age pyramid has flattened […]
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