£1m tax warning for families

12 April 2012

The average household will be paying £1 million in tax over a lifetime within just eight years, a campaign group has said.

Analysis of official figures by The Taxpayers' Alliance suggests the six-figure mark - £50 a day - could be passed as early as 2015.

And £100,000 of that will have to be found during retirement.

Alliance head of research Corin Taylor said: "Who wants to be a tax millionaire? Nobody.

"Britain should not go down this track and politicians should start planning how they can cut our tax burden so that families don't end up paying £1 million of their hard-earned money to the taxman over their lifetime.

"It's not too late to change course."

The sum, in direct and indirect taxes, is based on a 40-year working life and a 15-year retirement and compares with a present total of £600,000.

It allows for inflation, economic growth rates and average rises in the overall tax burden - and is said by the Alliance to be a "conservative" estimate.

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