{"id":313674,"date":"2011-03-16T10:44:04","date_gmt":"2011-03-16T10:44:04","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/03\/16\/tax-rises-needed-for-pensions\/"},"modified":"2011-03-16T10:44:04","modified_gmt":"2011-03-16T10:44:04","slug":"tax-rises-needed-for-pensions","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/03\/16\/tax-rises-needed-for-pensions\/","title":{"rendered":"Tax rises ‘needed for pensions’"},"content":{"rendered":"

\n \t\t
\n 16 March 2011<\/span>
\nLast updated at <\/span>06:44 ET<\/span>
\n<\/span><\/p>\n

Taxes must rise to cover the cost of baby boomers’ pensions, healthcare and benefits, the National Institute of Economic and Social Research (NIESR) has said.<\/p>\n

Its report said children born now would pay \u00a370,000 more in taxes over their lifetime than they got back in benefits and services from the government.<\/p>\n

Those aged 65 have received \u00a3220,000 more from the state than they paid in.<\/p>\n

The report said that taxes should rise by \u00a382bn a year to plug the gap.<\/p>\n

“There is a past history of pay-as you-go benefits, which has allowed earlier generations to receive more from the state than they have contributed over their lifetimes, and it is inevitable that there is now a net contribution which has to be paid,” the report said.<\/p>\n

Those aged over 50 had the majority of wealth and younger workers had been left paying higher mortgages than baby boomers born between 1947 and 1964, the report said.<\/p>\n

Consequently, NIESR warned that higher taxes amounting to 6% of GDP should be implemented to help future generations avoid large tax rises or service cuts.<\/p>\n<\/p><\/div>\n<\/p>\n

Read more:
\nTax rises ‘needed for pensions’<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

16 March 2011 Last updated at 06:44 ET Taxes must rise to cover the cost of baby boomers’ pensions, healthcare and benefits, the National Institute of Economic and Social Research (NIESR) has said. Its report said children born now would pay \u00a370,000 more in taxes over their lifetime than they got back in benefits and services from the government<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-313674","post","type-post","status-publish","format-standard"],"yoast_head":"\nTax rises 'needed for pensions' - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2011\/03\/16\/tax-rises-needed-for-pensions\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Tax rises 'needed for pensions' - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"16 March 2011 Last updated at 06:44 ET Taxes must rise to cover the cost of baby boomers' pensions, healthcare and benefits, the National Institute of Economic and Social Research (NIESR) has said. Its report said children born now would pay \u00a370,000 more in taxes over their lifetime than they got back in benefits and services from the government\" \/>\n<meta name=\"twitter:creator\" content=\"@ghanamma\" \/>\n<meta name=\"twitter:site\" content=\"@ghanamma\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.ghanamma.com\/2011\/03\/16\/tax-rises-needed-for-pensions\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.ghanamma.com\/2011\/03\/16\/tax-rises-needed-for-pensions\/\"},\"author\":{\"name\":\"\",\"@id\":\"\"},\"headline\":\"Tax rises ‘needed for pensions’\",\"datePublished\":\"2011-03-16T10:44:04+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.ghanamma.com\/2011\/03\/16\/tax-rises-needed-for-pensions\/\"},\"wordCount\":190,\"commentCount\":0,\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.ghanamma.com\/2011\/03\/16\/tax-rises-needed-for-pensions\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.ghanamma.com\/2011\/03\/16\/tax-rises-needed-for-pensions\/\",\"url\":\"https:\/\/www.ghanamma.com\/2011\/03\/16\/tax-rises-needed-for-pensions\/\",\"name\":\"Tax rises 'needed for pensions' - Ghanamma.com\",\"isPartOf\":{\"@id\":\"https:\/\/www.ghanamma.com\/2011\/#website\"},\"datePublished\":\"2011-03-16T10:44:04+00:00\",\"author\":{\"@id\":\"\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.ghanamma.com\/2011\/03\/16\/tax-rises-needed-for-pensions\/\"]}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.ghanamma.com\/2011\/#website\",\"url\":\"https:\/\/www.ghanamma.com\/2011\/\",\"name\":\"Ghanamma.com\",\"description\":\"News In Ghana - Latest Ghana News Headlines\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.ghanamma.com\/2011\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Tax rises 'needed for pensions' - Ghanamma.com","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.ghanamma.com\/2011\/03\/16\/tax-rises-needed-for-pensions\/","twitter_card":"summary_large_image","twitter_title":"Tax rises 'needed for pensions' - Ghanamma.com","twitter_description":"16 March 2011 Last updated at 06:44 ET Taxes must rise to cover the cost of baby boomers' pensions, healthcare and benefits, the National Institute of Economic and Social Research (NIESR) has said. Its report said children born now would pay \u00a370,000 more in taxes over their lifetime than they got back in benefits and services from the government","twitter_creator":"@ghanamma","twitter_site":"@ghanamma","twitter_misc":{"Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.ghanamma.com\/2011\/03\/16\/tax-rises-needed-for-pensions\/#article","isPartOf":{"@id":"https:\/\/www.ghanamma.com\/2011\/03\/16\/tax-rises-needed-for-pensions\/"},"author":{"name":"","@id":""},"headline":"Tax rises ‘needed for pensions’","datePublished":"2011-03-16T10:44:04+00:00","mainEntityOfPage":{"@id":"https:\/\/www.ghanamma.com\/2011\/03\/16\/tax-rises-needed-for-pensions\/"},"wordCount":190,"commentCount":0,"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.ghanamma.com\/2011\/03\/16\/tax-rises-needed-for-pensions\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.ghanamma.com\/2011\/03\/16\/tax-rises-needed-for-pensions\/","url":"https:\/\/www.ghanamma.com\/2011\/03\/16\/tax-rises-needed-for-pensions\/","name":"Tax rises 'needed for pensions' - Ghanamma.com","isPartOf":{"@id":"https:\/\/www.ghanamma.com\/2011\/#website"},"datePublished":"2011-03-16T10:44:04+00:00","author":{"@id":""},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.ghanamma.com\/2011\/03\/16\/tax-rises-needed-for-pensions\/"]}]},{"@type":"WebSite","@id":"https:\/\/www.ghanamma.com\/2011\/#website","url":"https:\/\/www.ghanamma.com\/2011\/","name":"Ghanamma.com","description":"News In Ghana - Latest Ghana News Headlines","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.ghanamma.com\/2011\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"}]}},"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2011\/wp-json\/wp\/v2\/posts\/313674","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ghanamma.com\/2011\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ghanamma.com\/2011\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2011\/wp-json\/wp\/v2\/comments?post=313674"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2011\/wp-json\/wp\/v2\/posts\/313674\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2011\/wp-json\/wp\/v2\/media?parent=313674"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2011\/wp-json\/wp\/v2\/categories?post=313674"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2011\/wp-json\/wp\/v2\/tags?post=313674"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}