text: David Cameron has a 'secret plan' to cut taxes for millionaires after the General Election, Ed Balls claimed today as Labour ramped up its attack on the eighth day of campaigning. The Labour shadow chancellor unveiled a poster claiming voters had lost £1,100 each due to tax and benefit changes under the coalition with 'millions paying more while millionaires pay less'. But the Prime Minister hailed today as 'money-back Monday' - with a raft of tax changes coming into force putting more cash in voters' wallets. Scroll down for video . Ed Balls, speaking in Leeds this morning, ramped up his attack on the Tories today - claiming that David Cameron was planning a VAT increase and cuts to the top rate of tax . Mr Cameron has claimed that Labour are planning to increase taxes by £3,028 on 'every working family'. But, speaking in Leeds this morning, Mr Balls predicted that a Conservative government would hike VAT - something Mr Cameron has explicitly ruled out - and cut the top rate of income tax for earnings over £150,000 from 45p to 40p. Tory Treasury minister David Gauke hit back with an accusation that Labour has a secret plan to boost revenues by dragging more workers into the 40p higher rate of income tax and increasing national insurance contributions. Liberal Democrat leader Nick Clegg blasted Labour's policies as 'economically illiterate', but also warned that Chancellor George Osborne was 'a very dangerous man' because of his plan to balance the books by spending cuts alone. Mr Cameron and Mr Osborne, who cut the top rate of income tax from 50p to 45p in his 2012 Budget, each refused to rule out a further cut to 40p in comments on Sunday. They are expected to come under further pressure on the issue during campaigning in the South West. The Labour shadow chancellor unveiled a poster claiming voters had lost £1,100 each due to tax and benefit changes under the coalition with 'millions paying more while millionaires pay less' Mr Balls predicted that a Conservative government would hike VAT - something Mr Cameron has explicitly ruled out - and cut the top rate of income tax for earnings over £150,000 from 45p to 40p . Mr Balls said: 'We know that is their secret plan - another big tax cut for millionaires. 'How can it be fair when families here in Leeds and across the country are struggling and £1,100 a year worse-off? 'How can it be fair to have a tax cut for the very richest when our NHS is in crisis and going backwards? 'How can this be fair when we need to get the deficit down and the Tories are now planning deeper cuts in the next three years than the last five?' Mr Balls said a cut in the top rate to 40p would save someone earning £1 million a year £340,000 over the course of the next Parliament, while someone with income of £5 million would get a total tax cut of £1.94 million over the five-year period. Meanwhile, he said that unfunded Conservative plans to cut £10 million from income tax by raising thresholds for the 20p and 40p rates would require the equivalent of a two-point rise in VAT, costing an average couple with children £1,440 over four years. Liberal Democrat leader Nick Clegg meets supporters at the Grove Pub while out campaigning in Surbiton, London . Liberal Democrat leader Nick Clegg blasted Labour's policies as 'economically illiterate', but also warned that Chancellor George Osborne was 'a very dangerous man' Voters would not believe Mr Cameron's denial that he intends to increase the consumption tax, because Conservatives had 'a track record of breaking their promises on VAT', he said. However, Conservatives claimed secret Labour plans for tax rises would cost each working family more than £3,000 over the course of the next five years - an estimate which was dismissed as unfounded by independent economists at the Institute for Fiscal Studies a week ago. Mr Gauke said: 'Ed Balls and Ed Miliband must set out the details of their secret plan for GBP3,028 of tax rises on every working family - the British people have a right to know what these tax hikes are. The choice at this election is clear. Lower taxes under David Cameron. Or higher taxes under Ed Miliband and the SNP.' Mr Balls insisted that Labour will not raise VAT, national insurance or the basic and higher rates of income tax if it wins the general election. But he confirmed that the party would restore the 50p top rate for earnings over £150,000, as well as imposing a mansion tax, a levy on tobacco companies and closing tax loopholes. Mr Clegg hit out at both sides and warned only his party can ensure a balanced plan to clear the deficit. He said millions of people would get a tax cut worth almost £400 from a Liberal Democrat pledge to push the income tax personal allowance to £12,500. By contrast, Labour's plan to reintroduce the 10p starter rate of income tax would be worth just £37 to taxpayers. 'Labour's short-term economic plan will lead to mounting borrowing and leave taxpayers short by hundreds of pounds, which is unfair and reckless,' said Mr Clegg, who was campaigning in Kingston-upon-Thames and the South West. 'Ed Balls and Ed Miliband's tax plans are economically illiterate. Labour has already failed to commit the £8 billion needed for the NHS, and are now failing to give taxpayers the tax cut they deserve.' Mr Clegg met Elise Popperwell - aged just seven months - and her mother Melissa Popperwell while out campaigning in Surbiton . Mr Balls said: 'All of our plans are fully costed and paid for. None of our manifesto commitments will require a single pound of extra borrowing ... 'So this is the choice at the election, a choice between a Conservative Party which has a track record of breaking their promises on VAT and will raise it again after the election or a Labour Party which has never raised VAT and will not raise VAT in the next Parliament. 'A Tory way which means millions pay more while millionaires pay less, or Labour's plan to back millions of working people, save our NHS and balance the books in a fair way.' Elsewhere on the campaign trail, Ukip leader Nigel Farage was concentrating on his own constituency of South Thanet, where a weekend poll suggested he was trailing in second place in the close three-way marginal. On a campaign visit to Surbiton, south-west London, Mr Clegg said that Liberal Democrats had blocked Tory plans to cut the top rate of income tax from 50p to 40p during the coalition. Conservative ministers were 'always more interested in tax cuts for people at the top rather than tax cuts for people at the bottom or the middle', Mr Clegg told Sky News. 'I was very amused yesterday to hear George Osborne and David Cameron saying with earnest sincerity that they had no plan of giving further tax cuts to people at the top because, I tell you, they had exactly that plan in government and it was something that we said we would not go along with.' Mr Clegg's comments came after Lib Dem Chief Secretary to the Treasury Danny Alexander told The Independent that during coalition negotiations over tax cuts, a Conservative minister told him: 'You take care of the workers and we'll take care of the bosses.'
target: Labour  unveils poster claiming voters lost £1,100 each due to tax changes .
  Ed Balls said 'millions are paying more while millionaires pay less'
  Claimed the Prime Minister was planning a cut in the top rate of tax .
  But Mr Cameron hailed a raft of tax cuts which have come into force today .
  He said Labour is planning tax rises worth £3,000 to every working family .