Millennials are getting one of the biggest tax bills in history.
![Boomer Bust](https://magarticles.magzter.com/articles/13875/340168/5cacdc52d993a/Boomer-Bust.jpg)
For the first time in their history, baby boomers are now outnumbered by another generation. When Canadians head to the polls in October, millennials — roughly 10 million of them — will have the numerical edge. And with that edge, as research firm Abacus Data recently noted, comes the power to “disrupt the status quo.” Millennials are already directing that power towards things they’re allegedly killing (like mayonnaise and motorcycles) and ones they’re apparently saving (like postcards and RVs). But when it comes to public finances, their impact is conspicuously absent — and if a recent report from the C. D. Howe Institute is any indication, they might want to get busy disrupting.
In that report, researcher Parisa Mahboubi focuses on so-called generational accounting, which measures the taxes each generation pays against the services they receive in order to reveal the long-term impacts of current fiscal policy. “The main question for generational accounting,” Mahboubi writes, “is who pays for an increase in government spending: current or future generations.” Borrowing from the future in order to pay for the present has long been a popular political strategy, but the numbers laid out in Mahboubi’s report are sobering. Her projections reveal that a Canadian born in 2017 will pay $736,000 in taxes over their lifetime — a sum that will go disproportionately towards subsidizing health care and other age-related costs of baby boomers and other older Canadians.
Diese Geschichte stammt aus der May 2019-Ausgabe von The Walrus.
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Diese Geschichte stammt aus der May 2019-Ausgabe von The Walrus.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent? Anmelden
![MY GUILTY PLEASURE](https://reseuro.magzter.com/100x125/articles/13875/1721021/ZjBpzYG4o1719492279999/MY-GUILTY-PLEASURE.jpg)
MY GUILTY PLEASURE
I WAS AS SURPRISED as anyone when I became obsessed with comics again last year, at the advanced age of forty-five. As a kid, I loved reading G.I. Joe and The Amazing Spider-Man.
![The Upside-Down Book](https://reseuro.magzter.com/100x125/articles/13875/1721021/69rONulnf1719492018954/THE-UPSIDEDOWN-BOOK.jpg)
The Upside-Down Book
In her new novel, Rachel Cusk makes the case for becoming a stranger to yourself
![Pick a Colour](https://reseuro.magzter.com/100x125/articles/13875/1721021/gfjRqDBPR1719491028118/PICK-A-COLOUR.jpg)
Pick a Colour
BACK HERE, I can hear a group of women trickle in. Filling the floor with giggles and voices.
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Quebec's Crushing Immigration Policy
Familial separation can have devastating consequences on mental health and productivity
![The Briefcase](https://reseuro.magzter.com/100x125/articles/13875/1721021/F9k8iWEzU1719490185232/THE-BRIEFCASE.jpg)
The Briefcase
What I learned about being a writer from trying to finish a dead man's book
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In the Footsteps of Migrants Who Never Made It
Thousands have died trying to cross into the US from Mexico. Each year, activists follow their harrowing trek
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Blood Language
Menstruation ties us to the land in ways we've all but forgotten
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Dream Machines
The real threat with artificial intelligence is that we'll fall prey to its hype
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Invisible Lives
Without immigration status, Canada's undocumented youth stay in the shadows
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My Guilty Pleasure
"The late nights are mine alone, and I'll spend them however I damn well please"