Mr. Speaker, I thank the hon. member for an opportunity to perhaps clarify my remarks. At no point in my speech did I really say much about corporate tax cuts or corporate taxes, other than that it would be wrong to allow corporate tax havens and these tax fugitives who do not pay any corporate taxes and in fact gain an unfair competitive advantage.
There are two negative things about these tax havens. First of all, these people are not paying their fair share of taxes in Canada. When I say “fair”, it is whatever the government says that tax rate should be. If it is brought down to 10%, so be it, but I want them to pay it in Canada.
The second thing is that profits that are funneled through tax havens are taxable only when they are brought back into Canada, so they are not brought back into Canada. There is an added incentive for that business to then invest those profits further offshore and never repatriate that money.
That is what we are talking about when we mention tax motivated expatriation of dollars. It does not benefit the Canadian economy if that money leaves the country in the avoidance of paying Canadian taxes, gets further invested offshore and is never repatriated. That does not grow our industries and it does not grow our job base.