We're doing our pre-budget submission tomorrow at the House of Commons finance committee, and our proposal has a number of fair tax reform initiatives. One of those is closing the stock option loophole whereby people such as Warren Buffett or others pay half the rate of tax on their capital income and their stock option income that normal workers pay on their employment income. That would raise approximately $1 billion for the federal government. That's one source of income.
There's been a lot of discussion about corporate income tax cuts, which haven't been particularly effective in terms of increasing the rate of investment. In fact, corporations are holding half a trillion dollars in excess cash that they're not investing in the economy.
We've also proposed higher taxes on the financial industry, because it's currently undertaxed in comparison with the rest of the economy. So we're proposing fair tax reform measures, and billions could be raised through those. We probably wouldn't propose doing that immediately, but certainly some of those could be introduced after a number of years.
