17 Clever Tips to Take Advantage of the New Tax Plan

BE OLD

Despite the increased health care costs for seniors, the biggest losers under the tax law will be younger generations around long enough to pay for its long-term effects, which includes an additional $1.5 trillion added to the federal deficit over 10 years. Many if not most of the bill’s key benefits will go to households at the top of the economic ladder that tend to be older and whiter than the general population.

Younger generations with less-established wealth will see fewer of the tax cuts but more of their ramifications in the years to come, including increased interest rates and likely cuts to federal health care and education programs. Unlike many boomers, they’ll also live long enough to see their individual tax cuts expire in 2025, causing a tax increase by 2027 for 53 percent of Americans.