Mr. Speaker, unfortunately I am not sure if the member opposite has actually read the budget or the economic update but he seems to have missed a number of points.
Maybe I could start with some of them. The $100 billion tax cut announced in the economic update is the largest tax cut in Canadian history in dollar terms. Let me provide some examples.
The member opposite seemed to indicate that there is no real tax cuts or that they are minimal. Of course he mixes up, as the Alliance Party always does, the Canada pension plan. The Canada pension plan is a contribution based program, an investment in the future. It consists of contributions from employers and employees, so it is not a tax at all and the member knows that. Of course the premiums do not go to consolidated revenue. Let me read an example:
A two-earner family of four has a combined income of $60,000. Last year they paid about $5,700 in federal income tax. Next year, their taxes will fall by over $1,000—a first year tax cut of 18 per cent. In less than four years their taxes will fall by 34 per cent.
In another example, a one-earner family with two children that makes $40,000 will see income taxes decline by 59% from what otherwise would have been paid in federal taxes, which I think is a pretty reasonable measure.
I am wondering if the member opposite realizes as well that by the end of June the CPP contributions will have maxed out, as we say, as will EI generally. Any small impact of the increase in the CPP will of course disappear at the end of June. In terms of net disposable income this will be a huge boost to Canadians. They will have more money in their pockets and more again in the years to follow.
I wonder if the member has actually calculated that and what that would mean to Canadians in a very positive way.