Mr. Speaker, the federal budget is spectacular; that is not too strong a word to describe the tax cuts.
Our government is re-indexing personal income tax—a considerable departure from the policies and decisions of the previous Conservative government. This measure will protect Canadian taxpayers against inflation as far as taxation is concerned.
To give some examples of the impact of the tax measures contained in this latest budget, a typical four person family with one wage earner and a total income of $35,000 will not pay any net federal tax, while a typical four person family with an income of $40,000 will pay at least $1,623 less net federal tax, or 48% less.
The cuts made in our last three budgets, coupled with those in the five year plan, will bring down income tax for all Canadians by at least 22% by the year 2004. Families with children will benefit even more.
These are measures that will benefit Canadian families.