The problem is that wealth inequality in the USA has an age component.

Boomers are far wealthier than previous generations at their equivalent age as a percentage of national wealth. They are also incredibly sensitive to taxes as their retirement depends on managing wealth.

In contrast, Gen X and millennials are poorer than Boomers at their equivalent age and mainly contribute to the economy with their labor.

It isn’t a perfect divide, but there is a wealth divide that represents itself somewhat as a generational divide.