Mr. Speaker, the article in the New York Times talked about the new bipartisan spirit that is sweeping the United States Congress right now on comprehensive tax reform. It talks about Republicans Dole and Kemp and Democrats Bradley and Gephardt all working together on this issue. I note the last sentence of the article, which reads: ``This 25 per cent solution builds on the reform that Bradley and Senate finance chairman Bob Packwood, Republican, worked out in the mid-eighties and it need not wait for a Republican president''.
What concerns me about the fact that the United States is seized with this issue is that if it implements this before we do, then once again we will not only be following, we will lose a tremendous amount of investment. Some of our larger corporations, high achievers, income earners and entrepreneurs are naturally going to flow to that market where they can achieve more in the way they earn their incomes. Therefore, we should somehow figure out a way to get involved in this debate in a very aggressive way.
I read a paper just before Christmas written by an economist from the province of Quebec by the name of Pierre Fortin. He is now one of the most respected economists in the province and one of the advisers to the Bloc Quebecois. Obviously, he would give strategy on its future. He may not be a close adviser but he is someone who is listened to by certain members of the Bloc. He too is advocating this type of a system.
The best way to handle the tax act of Canada is to go right back to basics and flush out all the special privileges, preferences and loopholes. If we added up the value of all the preferences and tax loopholes in the last 15 years that were given to foreign multinationals and the top 150 companies in Canada, we would see that those preferences or, as some would call them, tax grants, would add up to close to $500 billion which is equivalent to almost the national debt.
I believe it is time for us, as a country, to get involved in this debate in an aggressive way.