Taxes need to go up because the country is so broke that services are falling apart at the seams. Yes, there's still some waste in the system. All organisations (including my household) have some waste in them. You can't eliminate it altogether, any more than you can eliminate friction. In any case, if we hadn't bought that lettuce we didn't eat the other week, it would not make much difference to our overall position, would it?
Labour ruled out increasing income tax, NI and VAT as an electoral pledge. This means they have to raise what might be called peripheral taxes instead. Maybe this was ill-advised, but then again, too many people fiddle income tax as it is, and you might argue that increasing it would encourage further fiddling. (More cash-in-hand, for example.)
I think wealth is undertaxed and income somewhat overtaxed, and I would like to see a shift to more tax on wealth. The vehicle I suggest for this is Land Value Tax. But can you imagine the reaction? What we have here is some farmers having to pay IHT on a more favourable basis to anyone else except the King, and they are up in arms. Imagine what LVT would spark! Even if accompanied by cuts in income tax, the wealthy would go beserk. So no wonder politicians fiddle at the edges, even with a parliamentary majority of well over 100.