Madam Speaker, this is the debate that is often raised. I think it is important that we look at the facts here. The fact is that we already have a corporate tax rate that is below our major competitors. The problem is that lowering it further would deprive us of the ability to invest in a way that would actually bring more business here with no benefit.
We and others did a very careful study on the impact of these corporate tax cuts, which have been going on every year, year after year, for 10 years under two successive political parties in government. What we are not seeing, which should worry us all and cause us all to reflect on whether this very expensive strategy is working, are increases in productivity and investments in innovation. I have talked to some of these corporate leaders and have asked them what is going on here.
The problem is that quite often they were talking about global corporations that are investing the tax savings we are giving them in businesses far away. In fact, half the time they turn around and close the very businesses that they have bought here in Canada because of our tax rates. Then they shut down the plants and leave thousands of workers in the streets who then must make up the difference for the tax cuts that these companies have taken off to another part of the world.
That is not right and that is why other countries are not making this kind of a mistake. We should not be making it either.