Rishi Sunak has raised more tax than any Chancellor in half a Century with 15 tax rises on households and businesses in the last in the last two years alone.
Labour analysis suggests that tax on individuals and businesses is going up £27.3 billion a year under the Conservatives.
But the Chancellor will say he "firmly believes" in low taxes in a major speech on Thursday setting out his economic vision.
This is despite the Government raising taxes to their highest level since the Second World War and abandoning two flagship manifesto pledges on tax and pensions in doing so.
Mr Sunak will disappoint Tory right-wingers by dismissing tax cuts where they would leave public spending unfunded.
In his Mais lecture at the Bayes Business School, he will say: “I am going to deliver a lower tax economy but I am going to do so in a responsible way, and in a way that tackles our long term challenges”.
But the Chancellor, who wants to build up a war-chest to cut taxes before the next election, will add: “I am disheartened when I hear the flippant claim that ‘tax cuts always pay for themselves’. They do not.
“Cutting tax sustainably requires hard work, prioritisation, and the willingness to make difficult and often unpopular arguments elsewhere.”
Ministers claim the UK has the fastest growing economy in the G7 but this is only true because they compare 2021 with 2020, the worst year for the economy in a century as a result of the pandemic.
The latest data on quarterly GDP growth, referring to Q4 2021, has the UK coming in with slower growth at 1% than 1.3% in Japan, 1.6% in Canada and 1.7% in United States.
Keir Starmer will on Thursday commit the next Labour government to "turning around" the low growth of the last decade.
In a speech in Huddersfield, he will blame the Conservative's 12 years in power for "faltering growth" for "tax rise after tax rise".
He will say: “If the Tories had matched Labour’s record on growth, people would have had higher incomes.
"We could have spent £30 billion more on public services without having to raise a single tax.
"The Chancellor has already introduced 15 tax rises, increasing taxes more than any other Chancellor in half a century."
The Labour leader will set out six areas where the party would boost long-term growth including driving up productivity and wages.
He will wade into controversial waters for his party discussing the role the Government plays as a partner to the private sector.
Mr Starmer will also set out Labour's own version of 'levelling up' - restoring and revitalising the places that once powered Britain.
Echoing the words of Labour former PM Harold Wilson - a son of the town - he is expected to say: “Our country and our economy are entirely different now, but we too are going through the white heat.
"We face our own revolutions in technology and industry, and it will fall to the next Labour government to shape that change so it works for all.”
He will also stress Labour's unequivocal backing for British business as the party tried to bolster its economic credibility.
