(NEW YORK) — U.S. taxpayers are getting socked because of the high unemployment rate of 18- to 34-year-olds, otherwise known as millennials.
Their unemployment rate runs well ahead of the national average, which is currently at 7 percent, with the jobless rate at a whopping 15 percent for those aged 16 to 24 years old.
According to a new study, this high unemployment is costing the economy $8.9 billion in uncollected tax revenue. The price tag on the uncollected tax for non-working individuals 24 and under is more than $4,100 and more than doubles among 25- to 34-year-olds, averaging $9,900 each.
The study by youth advocacy group Young Invincibles points out that those who pay taxes get charged about $53 additionally because of the millennials who aren’t working.
Copyright 2014 ABC News Radio
Robert Mclean, CNN Newswire
Pilar Melendez, CNN Newswire