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The economics of each generation are also different.
So, who pays more in taxes millennials or Gen Z?
At this stage of life, they may be married, have children and be homeowners.
They are also in or approaching their peak earning years.
The U.S. Census Bureau says that the average salary for a millennial is $47,034.
The average millennial household makes $69,000 per year, according to Pew Research.
This overview examines the tax burden for an average couple with this income.
Many millennials havestudent loan debt.
This deduction further reduces their taxable income to $62,500.
Homeowners can deduct the interest they pay on their mortgage.
The millennial couples total tax burden is $6,340.
According to TransUnion, theaverage Gen Zeraged 22 to 24 is making about $45,500.
Once Gen Zers start to have kids and buy homes, this will likely change.
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