Stealth taxes set to add over £100bn to tax burden Stealth taxes are projected to increase the tax burden by over £100bn by the end of the decade, according to the Institute for Fiscal Studies (IFS). The IFS estimates that taxes in 2023/24 will be £66bn higher than in 2018/19, and by 2028/29, it could reach £104bn. While the IFS report highlights the need for tax cuts to ease the burden on families, it also warns that any new tax cuts would only partially offset the record-breaking increase in tax revenue. The IFS has urged the Chancellor to resist announcing tax cuts unless he can demonstrate how they will be funded. The IFS report said: "In order to meet the financing requirements of a bigger state, revenues are set to rise sharply over the next couple of years. Having already risen from 36.8% of national income just before the pandemic to 40.3% this year, total government revenues are forecast to reach 41.6% of national income in 2028/29 - a total increase of almost 5 percentage points in less than a decade." Former Business Secretary Sir Jacob Rees-Mogg, commented: "The state is too big and both taxes and expenditure need to be cut," adding that the IFS report "is deeply concerning as a further £104bn will be extracted from taxpayers to fund a bloated, greedy and inefficient state."