The ugly tax battle brewing between baby boomers and millennials

Billy Odell Tucker-Robinson Founder & Host — Banking With Billy Network • Intelligence Network • Data Science • AI Research • World News
Published: 2026-09-23T09:41:21.540Z • Permanent link

Millennials and baby boomers are locked in a bitter battle over property tax breaks and Social Security, with each side accusing the other of unfair treatment. At the center of the dispute is a complex system of tax credits and deductions that has been in place for decades, with significant implications for both generations.

For instance, the 2017 Tax Cuts and Jobs Act provided a significant boost to property tax deductions for high-income earners, including many baby boomers. However, the Taxpayer Certainty and Disaster Relief Act of 2020 reduced the limit on state and local tax (SALT) deductions, which disproportionately affects many millennials who are struggling to pay their mortgages.

Meanwhile, Social Security benefits are set to be reduced by 15% if lawmakers fail to act, with the impact being felt most acutely by baby boomers who are nearing retirement. However, the Congressional Budget Office estimates that millennials will bear the brunt of these reductions, as they are the ones who will be supporting the program through payroll taxes.

One of the key players in this dispute is Senator Ron Wyden, a Democrat from Oregon who has been leading the charge against the proposed cuts to Social Security. Wyden has accused the Trump administration of trying to "steal" from future generations, and has been working to pass legislation that would raise the cap on payroll taxes and protect the program.

On the other hand, the National Association of Realtors has come out in support of the proposed cuts, arguing that they will help to stimulate the housing market and boost economic growth. However, many experts are skeptical of this argument, and point to the fact that the housing market has already experienced significant growth in recent years.

The implications of this dispute are far-reaching, with significant consequences for companies, research communities, and markets. For example, the proposed cuts to Social Security could have a major impact on the financial planning industry, which is already struggling to adapt to changing regulatory requirements. Many firms are already seeing a decline in demand for their services, as clients become increasingly anxious about the future of the program.