The Chancelllor could raise corporation tax from 19 per cent to 24 per cent in order to boost revenue by £12 billion next year, the newspaper suggested.
Under the proposals being looked at, capital gains tax might also be paid at the same rate as income tax.
Pension tax relief could be “slashed” under measures being considered by the Treasury to help pay for the Covid-19 crisis, the Sunday Telegraph reported.
The newspaper also said that raising fuel and other duties was also being looked at.
It was claimed the international development budget could also be caught up in Treasury reappraisals due to the cost of the pandemic.
The aid budget has already been cut by £2.9 billion from £15.8 billion this year, due to the contraction in the economy caused by the Covid-19 outbreak.
However, the Government insists it still meets its obligation to provide 0.7 per cent of gross national income (GNI) to international development.
Treasury sources told the PA news agency that they do not comment on what may, or may not be, in the upcoming Budget.
A coalition of some of the planet's wealthiest people recently urged governments around the world to permanently increase taxes on the rich to help pay for the financial fallout triggered by the pandemic.
In an open letter shared in July, the group petitioned governments to "raise taxes on people like us. Immediately. Substantially. Permanently”.
Meanwhile the Government has admitted to paying social media influencers and reality TV stars to promote the NHS Test and Trace system as it failed to reach its 80 per cent target for the ninth week in a row.
A spokesman said the Government had a responsibility to “use every means possible” to keep the public informed during the pandemic.
He said: “Our use of social media influencers has meant over 7 million people have been reached. This is just one part of a wider campaign utilising TV, radio, social, print and other advertisements to ensure the public has the information it needs.”
It comes as the Sunday Mirror reported Love Island stars Shaughna Phillips, Chris Hughes and Josh Denzel were among those paid by the Cabinet Office to tell their online followers testing for Covid-19 was “free, quick and vital to stop the spread”.
But Phillips and Hughes have also both posted images online in the last month which showed them failing to socially distance from others on Mediterranean islands.
The Mirror cited a social media expert as saying the stars would usually command between £5,000 and £10,000 for an ad post.
"All costs involved in the campaign will be published as part of the regular transparency reports on gov.uk," said the Government spokesman.
The celebrities could also face an investigation by the Advertising Standards Agency after not initially labelling their posts as advertisements.
Recent data showed three-quarters of close contacts of people who tested positive for Covid-19 were reached through the Test and Trace system, once again falling short of the Government’s target.
Some 75.5 per cent of close contacts in England were reached in the week ending August 19.
While this is up from 71.6 per cent in the previous week, it is the ninth week in a row where the Government’s Scientific Advisory Group for Emergencies (Sage) target of isolating 80 per cent of contacts of coronavirus cases within 48-72 hours has been missed.
Ahead of the figures being published, Health Secretary Matt Hancock acknowledged the system was “not quite there”.
It comes as academics have warned the risk of infection on campuses could see universities become ground zero for a second wave of Covid-19 unless they avoid face-to-face teaching.
The movement of an expected one million students around Britain as they return to universities in the next month has led the University and College Union (UCU) to say the Government is “encouraging a public health crisis”.
UCU general secretary Jo Grady said the mass movement “could lead to universities being the care homes of any second wave of Covid”.
She also accused the Government of a lack of planning, with more students expected on campuses following the admissions fiasco as data emerges that infection rates are increasing among younger people.
“So the very people who are increasingly getting infected by this virus are being encouraged in mass numbers to move all around the country and congregate and live together,” Ms Grady said.
“It doesn’t make sense.”
The UCU wants students to avoid campuses until Christmas unless a testing scheme begins operating at universities.
It comes after a group of scientists recommended universities test all students and staff for coronavirus as they arrive on campus and avoid face-to-face teaching.
Independent Sage reported on August 21 that all courses should be offered online, apart from those which are lab or practice-based, as in-person teaching carries a higher risk of virus transmission.
The group also recommended socialising among students should be restricted to “residential bubbles” in the first few weeks to prevent infection.
Additional reporting by PA Media.