Ahead of the abolition of the 50p tax rate on 6 April, Labour looks again to paint the Tories as the party of the rich.
If the party wants to attack Osborne on this territory, it needs to explain why and how it would borrow for growth.
Sixty per cent of workers agree that the minimum wage should be raised to the level of the living wage.
The Labour leader's commitment to "fairer", rather than "higher" taxes, suggests the party will not seek to significantly increase the overall tax burden.
It’s time the shadow chancellor fell on his sword, argues Anthony Seldon. Ed Miliband would be stronger for it, Labour would lose the taint of tax and spend, Yvette would be pleased . . . and even Balls might benefit.
The Deputy PM went further than before and accused his coalition partners of turning "a blind eye to the super wealthy" by opposing a mansion tax.
The Labour leader's speech has reminded voters of two distinctive and popular Lib Dem policies: increasing the personal allowance and introducing a mansion tax.
The party plans to adjust thresholds elsewhere in the tax system, so that higher-earners don't gain from a lower starting rate of income tax.
As the NS has long argued, Labour should fund tax cuts for low and middle earners by finding new ways of taxing static assets, such as mansions and land.
The Labour leader has distanced himself from one of Gordon Brown's biggest mistakes, demonstrated his commitment to redistribution and left the coalition playing catch-up.