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
Ed Miliband has turned political cross-dressing into an art form and has now laid claim to the party's reputation for cutting taxes.
Labour have unveiled two big economic ideas today, neither of them is particularly new and neither of them is particularly effective.
Ed Miliband and his shadow chancellor Ed Balls couldn't have been clearer. Scrapping the 10p rate of tax was a very, very bad mistake.