Thank you.
Well, I have good news for you: I do have a cost. Actually, this is an interesting issue. I think it's an issue of tax fairness, where we have a lot of Canadian seniors who are in a higher tax bracket because the income of the family flows into that family in the hands of one individual and not two. I actually asked the Library of Parliament if they would research this issue and come up with a cost estimate. I'd like to share that with you.
The total cost to the treasury of allowing income splitting for couples with at least one spouse over 65 years of age, which would allow all taxable income flowing into that household to be shared between the two individuals in that household, is $301.9 million. A significant portion of the benefits would flow to seniors in the income bracket of $40,000 to $60,000.
So perhaps we might be able to develop that and you might be able to make the case as to whether that is an affordable issue or not. I think it is.
Also, Mr. Frost, I'd like you to respond to a comment. I did write about this the other day in my infamous blog, and I made the case for pension splitting. I'd like to read to you a response that was typical of those I got from a number of people:
I refuse to pay higher taxes so that the greedy 50- to 65-year-olds can get optimal health care and drive their Mercedes. They had every opportunity to prepare for retirement and fund it on their own...a no more affluent time in history. If they have it all tied up in their houses and cars, tough luck.
How do you respond, sir?