The levy would be worth 2.5% of wages above £330,000 and 5% of those over £500,000, it was reported.
Labour is expected to lay out plans for a “fat cat” tax on firms that dish out massive pay packets to their star employees.
The dramatic announcement is understood to have been drawn up as the party unveils its general election manifesto on Tuesday – a week after most of it leaked to the media.
The levy hitting firms from city banks to football clubs would be worth 2.5% of wages above £330,000 and 5% of those over £500,000, it was reported.
That would see any firm with a £1million employee paying an extra £29,250 a year to the government.
Labour’s manifesto will also pledge free childcare for every two, three and four-year-old in Britain, whether or not their parents are in work.
The document is understood to pledge to nationalise the multi-billion pound water industry.
And party chiefs are understood to have drawn up plans to lower the 45p income tax threshold from £150,000 to £80,000.
Sources also suggested the 50p income tax rate could return. Reports have put the suggested threshold for this at £125,000.