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The chancellor of the exchequer Alistair Darling is expected to announce the move, which would affect those earning more than £150,000, as part of a package of measures to help stimulate the economy and encourage people to start spending again on the high street.
Shadow chief secretary to the treasury Philip Hammond claimed the Conservatives would prioritise controlling public spending rather than raising taxes.
He commented: "We would hope to avoid tax increases all together by slowing the rate of growth of public spending, getting the government to live within its means."
Meanwhile, the Liberal Democrat's treasury spokesman Vince Cable called on the government to begin closing tax loopholes.
"The avoidance opportunities and reliefs become even more important if a higher tax rate is introduced," he said.
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