Abstract
Taxation policies that consider the special case of senior citizens must take into account the unique financial needs of this growing population segment. This is particularly important with regard to income, healthcare, and housing costs. An optimal tax policy that is focused and deliberate in respecting senior citizens’ special circumstances will strike a balance between generating necessary government revenue and ensuring the financial well-being of older adults. Furthermore, intergenerational equity among different age cohort groups within the whole population of taxpayers requires attention. Senior citizens, as a class, have distinctive financial challenges, including reduced post-retirement income, increased healthcare costs, and reliance on pensions and government-sponsored old-age benefits. Crafting tax policies that address these factors requires a nuanced approach that considers equity, efficiency, and economic sustainability. By implementing progressive tax structures, providing exemptions for retirement income, offering healthcare-related tax credits, and ensuring fair property tax policies, governments can support the financial security of older adults. Additionally, tax policies in place should encourage long-term retirement savings far in advance of citizens reaching the end of their normal working years. Optimizing tax policies can promote both the well-being of senior citizens and sustainability of public finances.
Presenters
Aj StaglianoProfessor, Accounting, Saint Joseph's University, Pennsylvania, United States
Details
Presentation Type
Paper Presentation in a Themed Session
Theme
Public Policy and Public Perspectives on Aging
KEYWORDS
Senior citizen taxation, Tax policy, Optimized tax systems
