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The Labour leader Ed Miliband has said he would use the next Budget to bring back the 10p rate of income tax, paid for by a "mansion tax" on homes worth more than £2m.
The 10p tax band was controversially scrapped by Gordon Brown.
ITV News' Political Editor Tom Bradby reports
After Ed Miliband announced that Labour will levy a 'mansion tax' on houses worth more than £2 million if they win the next election, we asked for your opinions on the ITV News Facebook page.
Responding to Labour's "mansion tax" announcement, the Business Secretary Vince Cable said it is "good that they've seen sense".
He said that levying a tax on houses worth more than £2 million was the "right thing to do" and that it was an "extreme anomaly" that someone living in a mansion pays the same tax as someone in a semi-detached house in the suburbs.
The Shadow Chancellor Ed Balls has said he expects a mansion tax on houses worth more than £2 million to bring in £1.7bn-£2bn.
The Shadow Chancellor Ed Balls has admitted the then Labour Chancellor Gordon Brown was wrong to scrap the 10p tax rate.
Balls, who was a key aide to Brown, has written in the London Evening Standard:
The head of the CPS economic thinktank, Ryan Bourne, has tweeted that Labour's policy would not work:
Latest ITV News reports
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