Clearly, for our members, for Quebec employees and companies, tax cuts were more than necessary. We operate in a context of global competition—which is increasingly competitive—where other emerging countries may operate in different environments. In order to set ourselves apart, we have to be competitive through competitive tax rates, among other things, as there are many factors we have no control over. We cannot control what's happening in the United States and Europe, but we can control Canada's fiscal environment.
The best way to boost private investments is to ensure profitability, ensure that taxation allows investors to generate solid profits. Speaking of taxation, I want to point out that, until very recently, Canada's tax rates were among the highest of all OECD member countries. We were third on the list, with very high rates. We were lucky to have a healthy American neighbour and a weak dollar. However, the situation is now completely different, as we have a weak American neighbour and a dollar at par. So we need to find another way to help and have competitive tax rates. That's the best way to boost private investments and create jobs.
A number of studies show that cutting corporate tax rates is beneficial for employment, for private investments, for productivity and, thus, for salaries. Our population is aging, and labour shortages are expected. We have to offset those disadvantages through higher productivity, quality jobs and higher private investments.