Question

Why do you think the percentage of tax filers has most dramatically increased for the 65+ age group?

a) Increased retirement income

b) Tax incentives for seniors

c) Changes in pension regulations

d) Longer life expectancy

Answer 1

The percentage of tax filers has most dramatically increased for the 65+ age group due to increased retirement income, tax incentives for seniors, and longer life expectancy.

Step-by-step explanation:

The percentage of tax filers has most dramatically increased for the 65+ age group due to multiple factors. First, there has been an increased retirement income for this age group, with senior citizens reporting earning 36 percent more income on average than they did in 1980. This is mainly due to better retirement programs offered by private employers and governments.

Second, there are tax incentives for seniors, which encourage them to file taxes. These incentives can include deductions and exemptions specifically designed for older individuals.

Lastly, longer life expectancy has contributed to the increase in tax filers among the 65+ age group. As people live longer, they continue to work past the typical retirement age, providing more opportunity to save for retirement and earn taxable income.

Answer 2

The 65+ age group has seen an increase in tax filers due to factors like more robust retirement income, the aging baby boomer generation, better healthcare, and lifestyles allowing work past typical retirement age.

Step-by-step explanation:

The percentage of tax filers has most dramatically increased for the 65+ age group due to increased retirement income. This demographic shift is largely attributed to a number of factors: Improved retirement programs introduced by private employers and governments, resulting in senior citizens earning significantly more in retirement income; the substantial increase in the elder population due to the aging of the baby boomers, which also impacts the economy through increased social security, pensions, and Medicare claims; and improved healthcare and healthier lifestyles, allowing older people the ability to work past the typical retirement age, thereby saving more for retirement. These drivers collectively contribute to a higher number of seniors engaging in taxable activities and thereby filing taxes.