Nearly 90% of Boomers and 2 other surprising generations would raise taxes on younger workers to protect retirement: poll

OK, millennial.Nearly 90% Baby Boomers would raise taxes on younger workers to protect their own retirement benefits — and the majority of Gen Xers and millennials surprisingly agree, according to a viral poll.Only the youngest group, Gen Zers, weren’t in favor of raising taxes to pay for Social Security benefits, according to a survey conducted by the Cato Institute.In total, 89% of people over age 65 said current retiree benefits should be protected even if that means higher income taxes on young people.Among 30 to 44 year olds — aka millennials — 57% agreed, along with 74% of Gen Xers ages 45 to 54.“I may not have guessed it would be that high for seniors,” Emily Ekins, Vice President and Director of Polling for the Cato Institute, told The Post.“You might expect seniors to be more conscientious of the tax burden they’re placing on their children and grandchildren,” she said.

“That’s where the generational divide comes in.” By contrast, 53% of Gen Zers, defined as people under age 30, said they’d rather cut benefits to seniors in order to protect younger people from higher taxes, according to the poll.They were the only age group that favored cutting Social Security benefits.“I think Gen Z would say older people are the richest Americans … why are young Americans, with the least wealth and assets, paying their benefits?” Ekins said.“They know they can barely afford their student debt payments and they’re not sure they can ever afford their house,” she said of Gen Z.Overall, Gen Zers are eight times more likely than those 65 and older to support reducing benefits for current and future retirees, according to the poll.“Having paid far less into the system, younger Americans are significantly more likely than older [Americans] are to accept reducing their own benefits as long as they are guaranteed to get back at least what [they and their] employer paid in — plus reasonable growth or interest,” the Cato Institute, a l...