In a speech in east London, John McDonnell will promise what he calls a personal tax guarantee, which he says would protect low and middle income earners.
He will pledge that under a Labour government there would be no increase in the standard rate of VAT, income tax for those earning below £80,000, or personal national insurance contributions.
He will say only the highest earners, the top 5%, would be asked to pay more tax.
But his political opponents are accusing him of a tax raid on the professional classes. They claim anyone earning more than £80,000 would face a tax hike under Labour and that up to 1.2 million people could be hit.
Mr McDonnell's proposals also suggest he would bring back the 50p tax rate introduced by former Labour chancellor Alistair Darling and later scrapped by his Tory successor George Osborne.
In his speech, Mr McDonnell will say: "The choice at this election is very clear on tax, as there is currently only one party which is committing not to raise taxes on middle and low earners - and that is the Labour Party.
"If Labour is elected next month we will guarantee that for the next five years there will be no tax rises for income tax payers earning less than £80,000 a year, no hikes in VAT and no changes in your national insurance contributions either.
"The Labour Party is now the party of low taxes for middle and low earners, while the Tories are the party of tax handouts for the super-rich and big corporations."
Speaking on The Andrew Marr Show, he added: "Anyone earning below £80,000 will be guaranteed you will not have an increase in income tax, or VAT or national insurance contributions.
"And for those above £80,000 we're asking them to pay a modest bit more. Why? To fund our public services.
"We're talking about modest increases so that we can have a society which we believe everyone shares the benefits of."