BABY BOOMERS should be made to pay higher wealth taxes to lighten the load on their children, a Tory former minister has said.
The post-war generation should help fund the higher welfare and healthcare costs the nation will face as they reach retirement, Lord David Willetts (pictured) added.
The ex-universities minister, 61, said: ‘The time has come when we boomers are going to have to reach into our own pockets. The alternative could be an extra 15p on the basic rate of tax, paid largely by our kids.
‘Is that really the legacy we — a generation who own half the nation’s wealth — want to bequeath our children and grandchildren?’
Lord Willetts, chairman of the Resolution Foundation think-tank, said healthcare spending would have to rise by nearly £20billion by 2030.
He called for reforms to inheritance tax and council tax. The proportion of income paid in council tax by a family in a £100,000 home is typically five times higher than for someone in a million-pound property, he said.