Madam Chair, I would like to thank the member for his question.
Basically, what the government is proposing in Bill C-4 is to reduce the first marginal personal income tax rate by one percentage point. That starts at about $5.5 billion. If you're going to reduce the rate to 12.75%, that's reducing it by 2.25 percentage points instead of one percentage point. You can just multiple our cost estimate of $5.5 billion by 2.25 to arrive at that number.
I would just add that it would have been a measure that the Parliamentary Budget Officer costed during the recent campaign. That would give you a pretty good sense of what it costs.