Mr. Speaker, there is no doubt that tax loopholes and tax expenditures have deprived the government of needed revenue.
On the other side of the question we must really admit that a number of those tax expenditures had a very specific policy objective. In fact it was very important to accomplish those objectives.
The answer to the question is that it is not tax loopholes. It is not social programs. It is the curse of compound interest and the fact that the previous government simply did not face up to its responsibilities. We are going to do so.