Kim Clark and Alan Beaulieu discuss the main sources of U.S. federal government revenue and debunk common misconceptions. Alan notes that most revenue comes from individual income taxes—$1.76 trillion or 53% year-to-date—while corporate income taxes contribute $199 billion, about 6%, with some double taxation through dividends. The second-largest source is Social Security and Medicare payroll contributions at 32% ($1.07 trillion), split roughly between individuals and businesses, bringing these people-driven sources to about 85% of total revenue. They highlight how small estate taxes are ($24 billion, 0.74%) and that customs duties are $189 billion (5.68%), far too low for tariffs to replace income taxes. The episode also covers who pays: the top 1% pay 38.4% of income taxes, the top 10% pay 59.3% (income $187,608+), and the top 50% pay 97%.00:00 Welcome and Topic Setup00:56 Millennial Friendly Cities02:35 Where Federal Revenue Comes From02:59 Income vs Corporate Taxes04:17 Payroll Taxes Explained05:08 Estate Taxes Reality Check06:02 Tariffs and Customs Duties07:08 Why Wage Growth Matters08:19 Who Pays the Most Taxes09:33 Closing Tax Share Takeaway

Millennials have officially overtaken baby boomers as the largest generation in the U.S. at 22% of the population. In this episode, Kim Clark and Alan Beaulieu break down what this generational shift means for the economy, why the U.S. has a major advantage over China, Germany, Japan, and Russia (all in population decline), and why the next generation of leaders gives them real optimism about the future. Plus: the top 10 cities where millennials are finding the best opportunities.

Key topics:

• Millennials at 22% vs. boomers at 19%
• Millennials + Gen Z combined = 43% of the population
• U.S. population growth vs. global competitors in decline
• Top 10 millennial-friendly cities (Austin, Phoenix, Raleigh, Charlotte, Boise, Jacksonville, Nashville, Denver, Sacramento)
• The rising work ethic in younger generations

The Growth Playbook is hosted by Kim Clark and economist Alan Beaulieu.

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April's CPI came in at 3.8%. The highest since May 2023. But it's not just a gasoline story. In this episode, Kim and Alan break down the layers beneath the headline: real wages that haven't kept pace since COVID, lower-income families running out of cash before month's end, consumer sentiment at its lowest since 1952, and why the incoming Fed chair likely can't cut rates. They explore the K economy — where the top half thrives while the bottom half falls further behind — and what business leaders can do right now: lead with ROI, lock in fixed costs before rates climb higher, and find creative compensation solutions that don't sink the ship.