We would tax houses worth over £2 million and we would use the money to cut taxes for working people.
We would put right a mistake made by [former Prime Minister] Gordon Brown and the last Labour government.
We would use the money raised by a mansion tax to reintroduce a lower 10p starting rate of tax, with the size of the band depending on the amount raised.
This would benefit 25 million basic rate taxpayers and it would move Labour on from the past and put Labour where it should always have been - on the side of working people.
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.