Perfect.
We can see that, starting in 2013, the federal treasury is going to deprive itself of $5 billion dollars annually. In our view, that is a huge amount and the government should not keep lowering corporate taxes.
Similarly, in terms of international tax competition, Canada has seen the largest tax reduction in all OECD member countries. Even the OECD has issued an alarm, saying that if we do not do something about it, we could be on the verge of a global tax crisis that could hurt economic activity.
The tax burden cannot be carried by labour and consumption alone. The upshot of inaction would be a loss of revenue for governments and a downward spiral in economic activity.
I will leave you with that.