The opposition leader insisted that Kenyans are already overwhelmed by the high cost of living, yet the Kenya Kwanza administration has kept on introducing new taxes.
He said many families can no longer meet their daily needs due to the increased taxation on basic commodities.
"What Ruto is doing is wrong, and it is tantamount to milking a cow whose udder has run short of milk, causing serious pain," he said.
The ODM leader accused Ruto of failing to fulfill the promise to reduce the cost of living.
He urged the President to revive initiatives like Kazi kwa Vijana and Kazi Mtaani to enhance the circulation of money in the country.
"Taxation is not a good way a country can generate revenue for undertaking development projects. Ruto should look for alternative ways of funding development projects without burdening Kenyans with taxation," he said.
Raila was accompanied by Homa Bay Governor Gladys Wanga, her deputy Oyugi Magwanga, Homa Bay Senator Moses Kajwang' and ODM Secretary General Edwin Sifuna, Home Bay Woman Rep Joyce Osogo, MPs Millie Odhiambo (Suba North), Lilian Gogo (Rangwe), Martin Owino (Ndhiwa), Ong'ondo Were (Kasipul), Eve Obara (Kabondo Kasipul), Adipo Okuome (Karachuonyo) and John Mbadi (Nominated).
The ODM leader criticised the infiltration of UDA in Nyanza.
This comes at a time when UDA is making inroads by registering members in the region. In Homa Bay County, UDA has registered 136,000 members.
Raila urged residents of all the eight constituencies in Home Bay to come out in their numbers and register as ODM members.
He said the numbers would give ODM the political muscle to form the next government and change the lives of Kenyans.
"We are committed to strengthening ODM to enable us to form a government. We live in a democratic country where the presidency is acquired using majority votes, which are generated through a robust political party. That is why I want to strengthen ODM by undertaking the membership registration countrywide," he said.
ODM has embarked on registration of members ahead of grassroots elections in April next year.
Raila said he still has a chance of winning the presidency.
Stay informed. Subscribe to our newsletter
He reiterated that he has never lost any presidential election in Kenya except in 1997 when former President Mwai Kibaki scrambled for votes and gave undue advantage to former President Daniel Moi.
"Only Moi defeated me in 1997 when majority votes were divided between Kibaki and I. I have never lost the remaining elections, but I have been rigged out," he said.
Governor Wanga said they will not give room to UDA to infiltrate Homa Bay county which is an ODM stronghold.
"This is an ODM stronghold, and we are solidly behind Raila," Ms Wanga said.
Ms Odhiambo accused Ruto of misleading Kenyans on his promise of lowering the cost of living.
"Ruto is leading this country in deceit because he promised to lower the cost of living, but he is doing the contrary," she said.
Dr Gogo warned that the high cost of living may lead to a violent protest against Ruto's government if he does not address it soon.
She accused Ruto of making school fees unaffordable to parents.
"Ruto is putting structures in place to ensure children of the poor do not go to school," Dr Gogo said.
Kajwang told residents to stand with Raila since the president has exposed his leadership weaknesses.
"The only person who can now rescue this country is Odinga. Ruto has failed," he said.
Mbadi challenged Ruto to seek advice from qualified economists on how to lower the cost of living.
"The economy of Kenya is in tatters. It is high time Ruto came to qualified economists to give him advice for salvaging this country," he said.