Ed Balls has claimed that tax changes introduced since 2010 mean the average household is "£1,100 worse off".
Balls said: "What the evidence shows - from the independent Institute for Fiscal Studies - is when you look at all the tax changes introduced since 2010, the average household in our country is £1,100 worse off. Because of higher VAT and cuts to tax credits.
"This is a Tory government which cut taxes for the richest, for people earning over £150,000, giving millionaires tens of thousands of pounds of tax cuts, but put up taxes for everybody else.
"They said we are all in it together. That is now being exposed as a nonsense. £1,100 worse off - that's what they delivered."
The personal tax allowance would rise to £12,500 under the Lib Dems, funded by a crackdown on tax dodgers, leader Nick Clegg has revealed.
Millions of households would be better off under a Tory government, David Cameron will claim today as he hails "money-back Monday".
A Conservative government would aim to double the number of first-time buyers by 2020, the Chancellor has declared.