Homeowners, savers and landlords are in the firing line under new plans
Andy Burnham is planning to raise taxes on wealthy Britons by £38billion to help pay for higher public spending, according to analysis by Reform UK.
The analysis claims Labour's total annual tax rises would exceed £100billion under Mr Burnham, compared with around £66billion under the current Government.
Robert Jenrick, serving as Reform's economy spokesman, issued a direct challenge to the prime minister-in-waiting ahead of his unopposed election as Labour leader on Friday.
"Andy Burnham has spent 20 years reaching for other people's money a death tax on family homes, a graduate tax on young people getting their first pay cheque, a £14bn raid on savings and investment, and new levies on everything from your parking space at work to your weekend away," Mr Jenrick stated.
"If Mr Burnham disputes this, the remedy is simple: rule these 10 taxes out, by name, today."
The proposed measures include a "care levy" that could take up to 10 per cent of a person's estate after they die, higher capital gains tax and National Insurance charges on landlords' rental income.
According to the Institute of Public Policy Research, charging National Insurance on landlords' rental income could raise around £3billion a year. However, some economists warn the policy could reduce the supply of rental homes and push up rents.
Mr Burnham is also reportedly considering lowering the threshold for the so-called "mansion tax" from £2million to £1.5million, bringing more homeowners in London and the South East into higher council tax bands.
Other policies he has previously backed include a graduate tax to replace student loans, higher gambling taxes and workplace parking charges.
Mr Burnham has yet to set out his detailed tax plans ahead of his first Budget. However, he has pledged to stick to Labour's fiscal rules, which require government debt to fall as a share of the economy.
Mr Burnham has also signalled support for raising the top rate of income tax to 50 per cent for the highest earners, a move that would break Labour's 2024 manifesto pledge not to increase income tax.
Earlier this month, he also refused to rule out bringing capital gains tax in line with income tax rates, saying he would "want to look at" the proposal.
Meanwhile, reports that Mr Burnham could appoint Ed Miliband as Chancellor have raised concerns among some Labour MPs, who have urged him to choose a more centrist figure such as Wes Streeting or Shabana Mahmood instead.
Lord O'Neill, a former Goldman Sachs chief economist now advising Mr Burnham on economic matters, sought to reassure voters that the incoming administration would not pursue punitive taxation.
Speaking on the Rest is Money podcast on Sunday, he contrasted Burnham's approach with Sir Keir Starmer's, saying the outgoing leader had effectively told the nation: "Sorry, we're going to tax the hell out of you. Life's going to be miserable."
"That is definitely not the nature of our probable incoming leader," Lord O'Neill added.
However, business leaders and ultra-wealthy individuals have expressed alarm that installing a left-wing chancellor could undermine market confidence and increase government borrowing costs.
The Treasury currently dedicates approximately 10 per cent of total spending to servicing debt interest payments.
