Britain’s biggest earners will see their tax bills fall by £100,000 a year under George Osborne’s budget changes, Ed Miliband said today.
The Labour leader said that thousands of people earning more than £1 million stand to benefit by more than previously thought because of the cut in income tax from 50p to 45p.
The party said it would be publishing new figures showing that 8,000 top earners would each stand to gain £107,500 a year from April next year as a result of the changes.
Mr Miliband called the figures "eye-boggling" and claimed they proved the Government was on the wrong track to fix the economy.
Labour previously said it thought people earning £1 million year would see their tax bills fall by £40,000 a year.
Speaking at a sheet metal works in Stevenage, Hertfordshire, Mr Miliband said: "Many of the people in this room will have seen their taxes go up over the last year or two.
"But I'm afraid there's one group which is getting a tax cut. It is not you, the working men and women in this room, it is the richest people in society.
"From next April, the Government will be giving a tax cut of, on average, £107,000 each to 8,000 millionaires in Britain.
"Those are eye-boggling figures. That is at a cost of £800 million and the tax cut as a whole they are doing for the richest in society, costs £3 billion.
"I don't know about you, but when I see all the other priorities that this country has, I think that's the wrong priority.
"They don't seem to understand that growth in this country comes from the hard-working people gathered in this room, not saying 'let's cut the taxes for a few of the richest in society and then hope the wealth trickles down'.
"So what is our objective for the Autumn Statement? It is to say let's secure the recovery, let's make sure we've put the long-term changes in place to make that recovery happen and get strong growth in this country - for example by properly reforming welfare - and let's make sure that the proceeds of economic growth are fairly shared, not unfairly shared as they increasingly seem to be."
The Chancellor cut the top rate of tax in the budget over fears amid claims the 50p rate was not raising enough for the Treasury, because many rich people had moved their money out of Britain.
There were fears that taxing the wealthy so heavily would eventually lead to an exodus of businessmen and entrepreneurs.
Speaking at the time, Mr Osborne said it “damages our economy and raises next to nothing”.
He scrapped the 50p rate in March, but said the 45p rate is here to stay for anyone earning more than £150,000 per year.
Under Labour, the rate was 40p in the pound, until Gordon Brown raised it to 50p to help raise money for the Treasury following the recession.
Mr Miliband conceded that already under the last Labour government, voters felt the economy was "working for a few people at the top and not for most people".
"For us as a party that is the central task we face: showing people that actually they would be better off under a Labour government and that we would run the economy better and stand up for the right people not the wrong people," he said.
"This Government stands up for the wrong people and it doesn't stand up for the people in this room.
"They have had two and a half years of their experiment and it hasn't worked.
"All we hear from the Government is a mantra of 'We're going to have eight more years of austerity'.
"If the medicine is not working, you don't keep taking the medicine, you change the medicine."