Labour today hinted at hefty tax rises for people earning more than £80,000 a year . The party also indicated that profitable companies could be hit as Labour attempts to tackle the deficit without trimming Britain ’ s bloated welfare budget or imposing deep spending cuts . Ed Miliband has been deliberately vague about Labour ’ s plans to raise taxes to deal with the deficit , identifying only his proposal to reinstate the 50p tax rates , which experts warn may raise nothing . Scroll down for video . Ed Balls , speaking at the launch of Labour ’ s business manifesto today , said Labour would not hit those on ‘ middle and lower incomes ’ , with taxes mainly rising for those on higher salaries . But , speaking at the launch of Labour ’ s business manifesto , the Shadow Chancellor Ed Balls said taxes would hit those with the ‘ broadest shoulders ’ . He suggested that those earning more than £80,000 were rich and could bear to pay more . Mr Balls said Labour would not hit those on ‘ middle and lower incomes ’ , with taxes mainly rising for those on higher salaries . He added : ‘ If you look at people on middle and lower incomes – this isn ’ t only people on £10,000 or £20,000 a year , it ’ s £50 , £60 , £70 , £80,000 a year – they are paying more tax . ' He added : 'People on all these income levels are in our mind . What we want to do is find a way in which we can balance the books in the next parliament , get the debt falling but to do so in a way which is fair to people on middle and lower incomes who are paying quite a lot of tax already . ‘ I can ’ t come along today and start making detailed tax policy – that ’ s for manifestos and budgets – but we ’ ve already been clear – our plans add up without a rise in tax on people on middle and low incomes . ‘ People on the income levels ( I am ) talking about are very much in our minds when we talk about middle and lower incomes. ’ Labour – which has ruled out rises in the headline rates of VAT , income tax and national insurance – also left itself lots of flexibility to raise corporation tax on company profits . David Cameron , at a rally in Wiltshire today , has claimed Labour will cost families £3,000 in tax rises over the next Parliament . Mr Miliband said Labour would ensure Britain ’ s corporation tax rate remains the ‘ lowest in the G7 ’ . But this would allow a Labour government to raise it from 20 per cent to 26.5 per cent , which is the rate charged by Canada , the second most competitive country in the G7 . By contrast , the Conservatives have said they will keep the rate as the lowest in the G20 , which is currently 20 per cent in Russia , Saudi Arabia and Turkey . Meanwhile , Labour was boosted last night after the Institute for Fiscal Studies ( IFS ) challenged Tory claims about the party ’ s spending plans . David Cameron claimed yesterday that a Labour victory would lead to £15 billion of tax rises , costing families an average £3,000 each over the lifetime of the next parliament . Labour dismissed the claim , saying it was based on ‘ made up figures ’ . The IFS also criticised the Tory figures , saying they were based on too many assumptions about Labour ’ s opaque tax and spending plans . The independent think tank said there was ‘ little value in bandying around numbers which suggest either party would increase taxes by an average of £3,000 for each working household ’ . IFS director Paul Johnson said there was ‘ some potential truth ’ in the Tory claim , but said it was ‘ unhelpful ’ to make a claim based on so many unknown assumptions . Shadow Treasury chief secretary Chris Leslie said : ‘ This is a disastrous and embarrassing start to David Cameron ’ s campaign . Within hours of making totally false claims about Labour on the steps of Downing Street , the IFS has totally undermined them . ’
Shadow chancellor has been deliberately vague about Labour 's tax plans . Ed Balls said taxes would only hit those with the 'broadest shoulders ' But he suggested those earning over £80,000 could bear to pay more .