"When you're talking about reducing the deficit, there are quite substantial cuts that are slated to come in after the next election, it just seems to me you need to be fair about this so that people with the broadest shoulders carry their fair share of the burden," Balls told the Andrew Marr Show on Sunday.
On Monday, Prime Minister David Cameron rebuffed Balls' comments, telling the BBC's Today program that "what [Labour] is really saying is 'if you gave us the keys to the car we would drive it in exactly the same way and into the same wall."
"These people have learned absolutely nothing about what went wrong with our economy and that the problems were based on too much borrowing, too much spending and too much debt," the prime minister said.
Tax is expected to play a large part in party manifestos ahead of U.K. elections in 2015 as the country's main political parties look for ways to sustain the economy's economy seemingly robust recovery.
The International Monetary Fund (IMF) forecast last week that the U.K. could see some of the strongest growth among developed economies in 2014, predicting an average rate of 2.25 percent growth in 2014-2015.