Jeremy Hunt has vowed to bring down the UK's tax burden ahead of his Autumn Statement announcement.
The Chancellor said that "everything is on the table" when asked about the possibility of tax cuts on Sunday morning.
While not going into detail on his plans, Mr Hunt told Sky News: "I am not going to talk about any individual taxes because that will lead to even more fevered speculation as to what I might do… what I will give you is a general view about tax.
"It is too high, the Conservative government wants to bring it down because we think that lower tax is essential to economic growth.
"If you look at the most dynamic economies around the world, they don't tend to be in Europe, they tend to be in North America and Asia, those tend to be places where the tax burden is lower.
"We recognise that, the Labour Party does not. I want to bring down our tax burden, I think it is important for a productive, dynamic, fizzing economy that you motivate people to do the work and take the risks that we need."
Reports had stated the Chancellor may announce cuts to inheritance tax on Wednesday while squeezing benefits.
With inflation now at 4.6 per cent after falling from above 10 per cent, giving the Chancellor more fiscal legroom, it was also reported that Mr Hunt and the Prime Minister are considering cuts to income tax or national insurance to boost economic growth.
The move may fuel inflation, something the Chancellor insisted the Government wanted to avoid.
Mr Hunt said: "I'm not going to talk about any individual tax cuts. You wouldn't expect me to just a few days before."
He added: "Here is the principle: there is a big dividing line between the Conservative Party and the Labour Party because we believe lower taxes are essential for a high-growth economy. So, we do want to bring down the tax burden. But we will only do so responsibly."
He went on: "The one thing we won't do is any kind of tax cut that fuels inflation. We've done all this hard work. We're not going to throw that away.
"But in an autumn statement for growth, because I do want to turn the corner... if we're going to embrace those opportunities, we need to remove the barriers that stop businesses growing, and that's why this autumn statement will be focused on growth."
