Fox said: "Although the coalition agreement may require the chancellor to raise personal tax allowances (which should be paid for with spending restraint not new taxes) he should use the proceeds of spending reductions to cut employers' national insurance contributions across the board. If that is deemed impossible, he should consider targeting such tax cuts on the employment of 16 to 24-year-olds, making them more attractive to employers."
Fox told Sky News: "Cutting taxes on business I think is key to get more people into work, I personally would like to see capital gains tax taken down to get more activity into the economy."
Fox said: "I believe that in leaving money in people's pockets, economic activity will follow. People will buy houses, invest for their future or just go shopping.
"We must end the iniquitous multi-taxing of the same money," he said.
"It is not right to tax people's income and then their savings on that income; to tax the movement of assets through capital gains tax and stamp duty, and then tax them again through inheritance tax if they have the audacity to die."
Writing on ConservativeHome, he said: "We also believe that these trailblazers should not be held back by punitive taxation, and that people who work hard, who have ambition, who are driven to succeed should be free to spend their money however they please. It is not for politicians to tell them that they are wrong to do this."