The government is on course to oversee the biggest tax-raising Parliament since records began, according to the Institute for Fiscal Studies' analysis.
The IFS forecasts taxes will amount to about 37% of national income by the next general election, due in 2024.
That would be a level not seen since 1948, just after World War Two.
Responding to the report, a Treasury spokesperson said the "most effective tax cut we can deliver" is to "drive down inflation".
"We have taken three million people out of paying tax altogether since 2010 through raising personal thresholds."
Next year, the government will collect upwards of £100bn more in tax compared to pre-2019 levels, the IFS says.
Some Tory MPs are putting pressure on Chancellor Jeremy Hunt to reduce taxes in the government's autumn statement next month.
Mr Hunt however said last week that tax cuts were "virtually impossible" at present.
The analysis by the IFS is published on the eve of the Conservative Party Conference in Manchester, which begins on Sunday.
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Brent crude futures were down 0.13% this morning at $92.98 a barrel.
Companies reporting today