The opposition members obviously want some part in this discussion and I would be happy to allow them to speak during questions and answers.
The measure provides Canadians with $8.4 billion in tax relief over this year and the next five years. Personal income taxes will come down even further as a result of our tax back guarantee.
This fiscal year, we plan to make an additional debt reduction of $10 billion for a total of more than $37 billion in debt relief since coming to office. We are dedicating all interest savings from this shrinking federal debt to further reduce personal income taxes. This is serious debt relief and serious tax relief for Canadians. With the additional debt reduction in the 2007 economic statement, the total value of tax relief provided under the tax back guarantee will rise to $2.5 billion by 2012-13. Together, these income tax cuts will deliver relief on income tax returns this year.
These tax cuts will move some 385,000 people off the income tax rolls altogether. It is good news for low income Canadians. As a result of the steps we have taken, the purchasing power of consumers will go up. In addition, the take home pay of all Canadians will go up. Reducing taxes for all Canadians is a key part of our long term economic plan entitled “Advantage Canada”.
It is a plan that would lead to a more rewarding future for Canadians and their families. It is a plan to give Canada and Canadians the key advantages to be able to compete effectively and attract new growth and investment.
The other four key advantages are: a fiscal advantage eliminating Canada's total government net debt in less than a generation; an infrastructure advantage, building modern world class infrastructure that promotes economic growth, a clean environment and international competitiveness; a knowledge advantage, creating the best educated, most skilled and most flexible workforce in the world; and an entrepreneurial advantage reducing unnecessary regulation and red tape, and increasing competition in the Canadian marketplace.
I would further like to point out that since coming to office some 24 months ago, our government has taken action that approaches $200 billion in tax relief for Canadians and businesses, bringing taxes to their lowest level in nearly 50 years. As we move forward, the good news is that we are working from a position of strength.
Our economic fundamentals have remained strong and we can be proud of our achievements. We are experiencing the second longest period of economic expansion in Canadian history. Business investment is expanding for the 12th consecutive year. Our unemployment rate is the lowest in 33 years with more Canadians working than ever before.
Canada is one of the few countries in the world with a sound public pension plan and we are on the best fiscal footing of the major western industrialized countries. In fact, we are the only member of the G-7 with both ongoing budget surpluses and a falling debt burden.
In conclusion, we are well along in our 2008 prebudget consultations. We are listening. We are putting Canadians first and without exception, we fully intend to continue to do that.
I mentioned earlier that I am sharing my time with the hon. member for Simcoe North who is a great representative for that part of Ontario. He also has a solid business background as a small businessperson and an entrepreneur, and brings a real small business opportunity and perspective to this debate.