Lord Levy is among a series of Labour figures to question leader Ed Miliband’s economic policies.
The Jewish Care president and former close advisor of Tony Blair was highly critical of plans for a tax on homes costing more than £2 million.
Lord Levy told the Sunday Times he wanted to see the party back in government, but that he did not agree with the so-called mansion tax.
“I think that is a policy that is totally inappropriate and I see no validity in that policy whatsoever,” he said.
“Do I believe that the party needs to be more close and friendly to business? Yes, I do and I hope that that will happen over this ensuing period.”
The newspaper said party sources had praised Lord Levy during the Labour conference in Manchester last month, saying he had put potential donors in touch with party officials, but the peer denied having done so.
Margaret Hodge, chairwoman of the public accounts committee, former cabinet minister Dame Tessa Jowell and the party's biggest donor, the businessman John Mills, have also questioned the mansion tax policy.
