Mr. Speaker, I obviously agree with the hon. member. This is a rivetting debate on the budget implementation bill. One of the parts of the motion has to do with the reduction and the general elimination of the corporate surtax.
Currently, if I may try to put it as simple as possible, the budget proposed the elimination of corporate surtax on all corporations. That was the preferred way in which we would proceed. Now the amendment to the budget implementation bill proposes that the schedule of elimination be maintained for corporations that have capital below $50 million. If the corporation's capital base is less than $50 million, the schedule proposed in the original budget, Bill C-43 without amendment, would proceed.
For those corporations that have capital less than $75 million, the elimination of the corporate surtax will proceed on a schedule that is one-half of the rate so that their elimination will be phased in over a greater period of time. For those corporations with capital in excess of $75 million, this amendment to the budget proposes to keep the corporate surtax in place that presently exists.
I hope that is helpful to the hon. member and I too would prefer some charts so that we in turn could help those who want to watch this rivetting debate on corporate surtax.