Mr Shorten committed the opposition to only supporting a 0.5 per cent hike in the Medicare levy to fund the national disability insurance scheme, for those earning more than $87,000.
Later the treasurer said the cost over the "next" 10 years would be $65.4 billion.
Under the Labor plan, top tax earners (earning more than $180,000) would have a tax rate of 49.5%, making permanent the deficit levy, which was due to expire this year, the Australian Financial Review reports.
The Deloitte analysis shows that 18.3 per cent of taxpayers earn more than $100,000 a year, and they will pay 46.5 per cent of the additional Medicare levy.
"Labor can not support making people on modest incomes give up even more of their pay packet", he said.
Shorten said the budget "fails the fairness test" and it "fails the generational test".
The Labor leader also confirmed the Opposition would not support the Government's efforts to address housing affordability, deciding instead to continue to call for changes to negative gearing.
The banks knew they could run over the top of this weak prime minister, he said.
Earlier, in Question Time, the opposition extracted from the government the fact that the cost of its ten-year corporate tax cut - the first part of which is already legislated - would be $65 billion over the upcoming decade, compared with almost $50 billion over a decade when announced a year ago.
But confirming that figure took Labor a handful of questions to the Prime Minister Malcolm Turnbull and Treasurer Scott Morrison in parliament on Thursday.
The opposition will not support setting aside $170 million for a same-sex marriage plebiscite.
In his budget reply, Shorten said: "This is a recipe for fiscal recklessness on a grand scale".
Elsewhere, Labor would cap the amount people can claim as a tax deduction for the management of their tax affairs at $3000 to stop people "exploiting holes" in the net.
The crackdown would reportedly raise $1.8 billion over a decade and would affect less than 1 per cent of taxpayers.
Finance Minister Mathias Cormann said Mr Shorten's speech was full of political rhetoric but short on a plan to grow the economy and create jobs.
Analysis by Deloitte's Chris Richardson suggests that about 50,000 people with annual income of more than $1 million will contribute 6.9% of the increased revenue from the proposed 0.5% rise in the Medicare levy.
He said Labor's numbers did not add up and it would put the triple A credit rating at risk.
Also David Luiz was looking uncertain going into the game against Middlesbrough, but has now seemed to make a full recovery. It was all too easy for the Blues, who are now just one game away from being crowned champions.
And the recovery process is expected to be a long one for the girls, many of whom endured sexual assault during their captivity. Its insurgency has killed more than 20,000 people and driven 2.6 million from their homes, with millions facing starvation.
The daughter of President Trump and Marla Maples has reportedly chose to attend Georgetown University for law school in the fall. Tiffany's decision to attend Georgetown means she will live just a few minutes away from the White House.
His supporters, for their part, delivered thousands of red and white balloons to City Hall in advance of the court session. Outside the court Tuesday, supporters of Ahok wept while members of Islamic groups punched the air in celebration.
At least 14 people, including five children, have died in a fireworks explosion in Mexico, according to local officials. In December, more than 30 people were killed in a huge fireworks explosion in a Tultepec , just outside Mexico City .
There was no immediate reaction from Turkey, whose president, Tayyip Erdogan, is expected to meet Trump in Washington next week. However, over the last several weeks, Ankara has conducted a unilateral air campaign against Kurdish targets in Syria.
Following Monday night's game, however, Penguins coach Mike Sullivan said Crosby had not been evaluated for a concussion . Whether or not he got checked, Crosby finished out the game for the Penguins, which ended in a 5-2 Capitals win.
India's army chief had also said that an attack will be conducted at a time of "their choice and preference". A video of the Army's retaliation against Pakistan's ceasefire violation is going viral on social media.
With a career spanning over three decades, Ramya Krishnan has acted in Tamil, Telugu, Hindi, Kannada and Malayalam films. Baahubali 2 has become the first Indian film to cross 1000 crore at the box office.
This story is completely fabricated and just another example of why there is such a deep distrust of the media in our country. Dodson asked Eric Trump and his father, now President Donald Trump, where they got funding for the North Carolina property.
Harden, Rockets rout Spurs 125-104 to tie series
If you couple that with an increased pace and more floor-spacing, you have the recipe for an offensive explosion for Houston . Rockets coach Mike D'Antoni was impressed with how his team corrected the mistakes it made in the last two games in this one.
AAP EVM demo a waste of public money, says Cong's Maken
"Give us the EVMs which will be used in Gujarat polls for three hours, you won't win a single booth", the AAP legislator said. The Election Commission has time and again rubbished allegations that EVMs can be programmed to favour any particular party.
Long road ahead for Trump offshore drilling order
He's filed legislation with 20 other Senators that would block any additional areas being opened to offshore drilling until 2022. The executive order also calls for review of any national marine sanctuary created or expanded over the past decade.
Sharapova more disappointed to lose early than to detractor
The Danish player had not played well in the first round against Niculescu, and on Monday she confirmed her bad moment. Bouchard had not backed off her comments, and said after the match that she was looking forward to playing Sharapova.
ACB hears Mishra's bribery complaint against Kejriwal
Mishra also launched a scathing attack on the AAP leadership for making allegations that he was colluding with the BJP. Kejriwal's party came to power in Delhi after sweeping elections in 2013 riding on a campaign against corruption.
Teacher to return to Tennessee to face charges
Anthony Thomas, the teen's father, told " Good Morning America " on Friday that he thinks his daughter was "brainwashed". He previously said he was approached by Cummins and Thomas while they were looking for the Black Bear Ranch commune.
Apple iPhone 8 to launch in September, on sale in October
There are reports indicating how the said special edition iPhone could also be named iPhone X, iPhone Pro or iPhone Edition. Hype around the iPhone 8 is at an all time high; there's no way Cook and The Boys are going to miss out on this.
Delhi metro fares to go up
The revised rates also distinguish rates for Sundays and national holidays giving a 10 percent discount to increase ridership. The other two members were Delhi chief secretary KK Sharma and additional secretary in urban development ministry DS Mishra.