Mr. Speaker, in the budget speech, the government announced a major innovation that will have a significant impact on the lives of Canadians.
We are reintroducing full indexation of personal income tax in order to protect all taxpayers from automatic tax increases through inflation.
The plan provides immediate tax savings, that is as of 2001. These measures will benefit Canadian families directly. For example, a one-income family of four earning some $32,000 will pay no net federal tax.
Also, a one-income family of four earning $40,000 will have its federal income tax cut by 17%.
This is how our government is working to improve the quality of the lives of Canadian families.