It's not just the money theymake, but how they spend it that makes baby boomers resent incometaxes. People in their 40s and 50s are typically higher wage earnersbecause they've had years to settle into a career and advance up thepay scale. And because they're not teen-agers anymore, they have ahouse full of responsibilities that eat away at their income-to-taxratio. That makes April 15 -- tax day -- a dark day in many Americanhouseholds.
A tax deduction for elderly parent care applies only for self-employedadults using Schedule C. College students in the family entitle boomersto the Hope Scholarship deduction, but it's only $1,000, which suredoesn't go far when college tuition alone can be 10 times that figure.Teen-agers, teen-age auto insurance rates and teen-agers' cars eat awayat a family's budget.
"The baby boomers of the world seem to get it from all sides," saysMichael Rozbruch, CPA for Tax Resolution Services Co., and member of TheAmerican Society of IRS Problem Solvers. "They get killedwith capital gains taxes if they have rapid stock turnover. They feelthe brunt of the marriage penalty; they hear of surpluses in thegovernment, yet they haven't seen any money coming back to them. Theywant to see changes in how income taxes are structured."
