As the Washington Examiner noted:
“As the young pay Social Security taxes, the old collect benefit payments and live in relatively low poverty. The poverty rate for those aged 18 to 64 is 13.6 percent, nearly 50 percent higher than the 9.5 percent rate for those over age 65, according to the Census Bureau. Those aged 65 to 74 live in even lower poverty at 8.3 percent. Americans 75 and older are still less impoverished than working-age Americans at 11.2 percent.
The average federal tax rate paid by elderly households is 13 percent, according to the Congressional Budget Office. For the lowest fifth of income earners, elderly households pay an average rate of 1.6 percent. Meanwhile, non-elderly childless households pay an average effective federal tax rate of 20 percent, with the bottom fifth paying 7.7 percent. Non-elderly households with children pay lower average tax rates due to child tax credits, deductions and exemptions.”
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