Are Taxes Fair? Here’s How Gen Z’s Attitude Differs From Every Other Generation

23/06/2024

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The members of Gen Z don’t mind contributing to the government’s bank accounts. In a GOBankingRates survey of 1,005 Americans aged 18 and older from across the country, the majority of respondents 18 to 24 said they believed they were paying their fair share of taxes. In all, 58.43% of the respondents from that age group said they were comfortable with the amount of taxes they paid, well outpacing the national average of 45.47%.

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Among the Gen Zers, 37.08% thought they were paying too much in taxes, compared to 51.34% of respondents across the board.

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How do the views of the Gen Zers compare to members of other generations?

The Millennials — the age 25 to 34 group — have vastly different ideas about taxes than the younger Americans. Nearly 40% of survey respondents in that group said they are paying their fair share, but just over 56% said they are paying too much.

And the millennials also differ from Gen X — those aged 35 to 44. Gen X is closer to an even split when it comes to their views on taxes. Among them, 45.93% said they think they are paying their fair share, with 48.84% of them thinking their share is too much.

Gen Zers’ views most closely align with those of their grandparents’ generation — Americans 65 and older. They’re the only other group in which at least half the respondents — 52 % — believe they are paying their fair share.

Does anyone think they are paying too little in taxes? Not really. Among Gen Zers, 4.49% of respondents said they should be forking over more each year, trailing only those 35 to 44. In that group, 5.23% think they’re paying too little, with fewer than 1% of respondents in the 55 to 64 age group sharing that view.

_{Methodology: GOBankingRates surveyed 1,005 Americans aged 18 and older from across the country between Jan. 23 and Jan. 26, 2024, asking 14 different questions: (1) How do you plan on filing your taxes for this year?; (2) When do you expect to file your taxes this year?; (3) How much do you expect to receive in a tax refund?; (4) What do you plan to do with your refund?; (5) Do you feel confident you are receiving all the deductions you feel qualified for?; (6) Do you believe your tax dollars are being spent effectively?; (7) Do you believe you are paying too much, too little, or a fair share in taxes?; (8) Have you ever been audited before?; (9) Who will/would use your tax dollars the best?; (10) How much is the standard deduction for a single filer (and married filers) in 2024?; (11) What concerns you the most about Tax Day?; (12) Do you expect your tax refund this year to be more or less than last year?; (13) What do you understand the least about your taxes?; and (14) What would you rather be doing than your taxes? (Select all that apply). GOBankingRates used PureSpectrum’s survey platform to conduct the poll.}

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