A Thinktank, the Intergenerational Foundation, is warning that older workers are not bearing their share of the pensions burden. Baby boomers – born between 1946 and 1966 – are poised to receive a bumper 20 per cent or more in support than they will have contributed in taxes over the course of their lives, the study said.
Perhaps worst of all is the huge bill in store for younger people in 30 or 40 years’ time by virtue of the current calculations of future liabilities. Pension liabilities are top of the list and the report points to wealth taxes as the only way to avoid harsh future welfare cuts as the post-war generation prepares to drain the public finances.
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