Jeremy Corbyn unveiled Labour's most left-wing manifesto in decades today vowing to hammer the 'rich' and empower unions.
Deploying the language of class warfare, the party leader promised to soak nearly £50billion from the better off and business, while renationalising key industries such as rail, mail, water and energy.
A 50p top rate of tax will be imposed on those earning more than £123,000, and anyone on over £80,000 faces paying 45p in the pound.
The money is meant to fuel a spending splurge on the NHS, schools and scrapping student tuition fees. Overall government budgets would increase by an eye-watering 10 per cent.
But Labour has already faced warnings that the tax raids will burden to its highest for 70 years - and probably won't raise the sums hoped as companies and entrepreneurs will be driven abroad.
A seemingly off-the-cuff promise from Mr Corbyn to end the government's freeze on benefits rises also descended into chaos, as the £4billion-a-year promise didn't feature in the manifesto and frontbenchers attempted to play it down.
Meanwhile, shadow chancellor John McDonnell has admitted Labour does not know how much it would cost to bring the water industry - which is worth tens of billions of pounds - back into public ownership
A draft of the manifesto was humiliatingly leaked last week, throwing the Labour campaign into chaos.
But the scale of the tax and spending commitments are even greater in the final version, threatening to take Britain back to the misery of the 1970s.
Among the plans are
- Imposing a 50p top rate of tax on earnings above £123,000 and slashing the threshold for 45p tax from £150,000 to £80,000. Some 1.5million workers would have to pay an extra £6.4billion in income tax.
- A fat-cat tax on businesses with high-paid staff. Employers will be charged 2.5 per cent on earnings above £330,000 and 5 per cent above £500,000.
- A swingeing hike to corporation tax, creating a Ministry of Labour to empower unions and scrapping restrictions on strikes.
- Increasing inheritance tax and capital gains tax, and abolishing the marriage allowance.
- In total Labour says it will raise an extra £48.6billion in tax per year, but experts have voiced doubts about whether the sums will materialise.
- The money would be used to pump £37billion extra into the NHS over the next five years, fund a spending splurge on schools, and scrap tuition fees.
- All children to receive 30 hours a week of free nursery care from age two until they start school. Currently the full provision is available if both parent work.
- Water industry to be renationalised along with rail, energy and the Royal Mail.
- The manifesto does not promise to cut immigration and suggests Brexit might not happen if the EU does not offer a good deal. Mr Corbyn refused to say that immigration - currently running at a net 273,000 a year - is too high.