Millionaires on seven-figure salaries have already paid at least £85,000 less into public funds because of a cut in the top rate of income tax, Labour claimed as it warned of more help for top earners if the Tories win the General Election.
Shadow chancellor Ed Balls - who is committed to restoring the 50p rate on those earning £150,000-plus a year, challenged David Cameron to rule out a further reduction from 45p if his party holds on to power on May 7.
Labour said its figures showed that in the two tax years since the lower rate was introduced, someone on £1 million a year had seen their bill cut £85,000, a £5 million earner £485,000 and anyone on £8 million almost £985,000.
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.