Mr. Speaker, I probably would have finished my speech by the time this decision was rendered but having said that, this is another case in point where Canada's productivity rate could have been helped if we had just got down to business instead of wasting a lot of time on that issue.
I want to go back to the point about the Canada tax benefit. I do not want to lose the opportunity to say that this particular measure will extend the number of families that will benefit from it. It will also bring in many more middle class families that have not been able to access the Canada child tax benefit. This will literally help millions of families.
Most of my comments this morning have dealt with the personal side of taxation. We live in a globally competitive economy. Business, commerce, is very much a part of our everyday existence as a nation. Budgets should also take into consideration the important role businesses play in our economy.
It is for that reason the finance committee for example would like to reduce EI premiums by 40 cents over four years. At maturity this would be a $3.1 billion cut. It will reduce the marginal tax rates. It will reduce the amount of profit insensitive taxes faced by business. Workers will also benefit from this cut. We need to begin with some profound reform of the business tax system and we say that.
We also would like to increase the RRSP limit by a total of $2,000 over a five year period. We want to lower the general corporate rate by five percentage points over five years. This will help restore tax neutrality. It will provide our businesses with greater international competitiveness and it will stop penalizing new economy firms.
Other measures in this tax package include increasing the foreign content from 20% to 30%. This will increase returns to retirement savings at reduced risk. We also want to lower the inclusion rate for donation of appreciable property which will promote charitable giving, consider expanding eligible properties for a lower inclusion rate, and as I said earlier, also work with the provinces to establish a common capital tax base.
Given the fact that I am very sensitive to the time I have taken thus far, I would like to say that this $46 billion tax cut package is clearly an indication to the people of Canada and the businesses of the country that this government, or this committee, is very serious about establishing a competitive tax regime, about rewarding Canadians for their effort.
Only because I am mindful of the time, I will end now and say very simply that “Budget 2000—New Era, New Plan”, the report of the finance committee, is an excellent road map. I hope the Minister of Finance will seriously consider its elements.