Mr. Speaker, it is indeed a pleasure to get onto the discussions of Bill C-28. We have all been waiting for this second budget implementation bill to finally get to the House and we are so excited to be discussing all of the wonderful things that are in it. There are some tax cuts for which Canadians have been waiting. We are certainly seeking quick passage of the bill so that we can make sure that Canadians see their tax cuts as soon as we can possibly get this bill through the House.
I am very pleased to present Bill C-28 today at second reading. The first bill to implement measures from budget 2007 received royal assent on June 22, 2007. This comprehensive bill also proposes to implement bold new measures from the 2007 economic statement that will reduce taxes further for Canadians and usher in a new era for Canadian business taxation, while further reducing the federal debt.
The measures in Bill C-28 are key components of this government's strategy to create a tax advantage, one of the priorities identified in our long term economic plan, Advantage Canada. To that end, there is little doubt that our government is well on its way to establishing a proud legacy of tax relief. In fact, we have provided broad based relief in personal income taxes, consumption taxes, business taxes and in excise taxes.
Moreover, we have made tremendous strides in a short period of time, but we are not finished yet. Canadians expect their government to help them build on this legacy. They want a government that sets clear goals and delivers concrete results for all Canadians. We have done that.
The 2007 Speech from the Throne delivered on October 16 outlined how the government plans to build on the action already taken to implement the commitments to Canadians in the Advantage Canada plan. Reducing taxes for all Canadians and establishing the lowest overall corporate income tax and new business investment in the G-7 is part of this government's long term vision of creating a tax advantage for Canada.
With the almost $60 billion in tax reductions for individuals, families and businesses announced recently in the 2007 economic statement, we have reached that goal. That is $60 billion in relief over this and the next five years. Combined with previous relief provided by the current government, the total tax relief over the same period is almost $190 billion.