Those born between 1997 to 2012 as Generation Z that joins the workforce are taking a closer look at how much they’re paying in taxes and whether or not that dollar amount is a fair contribution.
Is Generation Z Financially Responsible For Tax Refund This Year? (PHOTO: Forbes)
Generation Z Think They Pay Too Much In Taxes?
The majority of Generation Z is comfortable with what they’re paying wifely for their taxes. According to a recent survey by GOBankingRates, 57% of 18- to 24-year-olds believe they are paying a fair share in taxes a much higher percentage than any other age group.
Generation Z Belived That They Are Taxed Accurately
Generation Z is by far the generation that most said they are taxed fairly. They were questioned if they believe they are paying “a fair percentage” in taxes, 57 percent of Gen Z adults aged 18-24 are affirmative. Data shows, that it’s clear older generations don’t maintain the same opinion. A mere 38 percent of respondents aged 25-34 answered the same. From Gen X and older crowd, 39 percent of 55- to 64-year-olds said they’re taxed fairly, and just 36% of Americans over 65 share that sentiment.
An impressive 69 percent of Gen Z adults have their tax dollars are spent effectively. Gen X and baby boomers, on the other hand, are less inclined to say so with a mere 32 percent of 55- to 64-year-olds selecting this answer. Further, only 45 percent of Americans aged 65-plus believe their taxes are spent wisely.
Generation Z Is Eager To Be Taxed for Environmental Causes
Generation Z is the passionate generation and is more inclined to financially support the causes they believe in. One reason why they might locate their taxes to be fair is that they are an environmentally conscious group in favor of the government utilizing this money to help the planet.
“Generation Z taxpayers who are generally more socially and environmentally conscious than previous generations,” said Varsha Subramanian, CPA at FlyFin.“They’re interested in tax incentives like the EV Credit that benefit the environment. They seem more willing to pay taxes if they believe the money is being used to address critical issues such as climate change or social inequality.”
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