Mr. Speaker, before I start, I would like you to know that I will be sharing my time with the member for Edmonton Centre.
Our government has a strong record of empowering Canadian consumers. We understand that when Canadians make decisions about how to spend their money, they must be assured their interests come first and that they are given fair treatment. That is why our government is pleased to support this motion. In fact, our government has already addressed the issue raised in the motion at hand. As such, it gives me great pleasure to take a moment to speak about the hard and effective work that our government has done to help middle-class consumers.
We have an actual record to stand on, in contrast to the NDP, which has voted against every consumer protection measure we have introduced.
In November 2014, the Minister of Finance accepted voluntary undertakings from Visa and MasterCard to reduce their average effective interchange fees to 1.5%. In total, the two commitments represent a reduction in credit card fees of approximately 10%. These commitments represent a meaningful, long-term reduction in costs for merchants that should ultimately result in lower prices for consumers.
Furthermore, our government released the enhanced code of conduct for the credit and debit card industry in Canada in April, a move which ensured that merchants and consumers have the information they need to make informed decisions and that they are not gouged by credit and debit card companies. The enhanced code of conduct includes a new measure to ensure that credit card issuers disclose to cardholders that premium credit cards can result in higher fees to merchants.
In economic action plan 2015, we will continue to build on this record by introducing a new and exclusive financial consumer framework for federally regulated banks. This would ensure that banks are more accountable when it comes to consumer protection, such as in advertising and the sale of products. This framework will be good for small businesses and for consumers. Unfortunately, the opposition appears to oppose this measure, along with the rest of the low-tax, pro-job measures that our government has introduced in our most recent budget. Measures such as these would ensure that small businesses benefit from a meaningful reduction in credit card acceptance costs, which would in turn be beneficial for consumers.
As we know, small businesses are the backbone of the Canadian economy. Beyond lowering merchant fees, our government has a record of helping small businesses grow and succeed. Small businesses account for 99% of all businesses in Canada and employ half of the working men and women in the Canadian private sector. Our government believes that small businesses should spend their time growing their businesses and creating jobs. That is why we have cut taxes significantly for small businesses and their owners since 2006. Economic action plan 2015 would go even further.
In the fall of 2014, our government introduced the small business job credit, which will help small businesses save more money. Then, in economic action plan 2015, our government proposed to reduce the small business tax rate to 9% by 2019. This would be the largest tax rate cut for small businesses in more than 25 years. It is estimated that this measure will reduce taxes for small businesses and their owners by $2.7 billion between 2015 and 2020. For example, as a result of this tax cut and other measures since 2006, for a small business with a taxable income of $500,000, the amount of federal tax paid in 2019 will be 46% lower than in 2006. This represents an annual tax reduction of up to $38,600, which can be reinvested in the business to fuel its growth and create jobs for Canadians.
Unfortunately, the opposition parties have chosen to vote against our measures that are designed to help small businesses and consumers. In opposing our current budget bill, the NDP and the Liberals are demonstrating their lack of understanding of the important role that small businesses play in the Canadian economy.
The hon. member prefaces his motion with the notion that the government should take immediate steps to make the cost of living more affordable for the middle class, and we could not agree more. That is why we have cut taxes over 180 times since coming to office. In fact, the overall federal tax burden is currently at its lowest level in 50 years. We believe it is simply the right thing to do. By putting more money in the pockets of Canadians, we are helping them to make ends meet and spend more on what matters to them.
Since 2006, the government has introduced measures to make life more affordable for Canadians. We have cut the GST from 7% to 5%, established tax credits to support working low-income individuals and families, public transit users, first-time home buyers, and families caring for disabled relatives. We have provided additional support for families with children through the children's art and fitness tax credits, and the enhancement of the registered education saving plan and the adoption expense tax credit. We have introduced the new family tax cut, and enhancements to the universal child care benefit and child care expense deduction, measures which will provide support to every single Canadian family with children under the age of 18. Canadians at all income levels are benefiting from the tax relief introduced by the government, with low- and middle-income Canadians receiving proportionately greater relief.
In 2015, a typical two-earner family of four will receive tax relief and increased benefits of up to $6,600 as a result of the measures introduced since 2006. These low-tax measures also build on our pro-consumer record, which includes removing tariffs on baby clothes and certain sporting equipment to help reduce the cost of these goods for Canadian families, banning negative option billing for financial products, requiring all-inclusive airfare advertising to ensure that consumers can clearly see the total price of an airline ticket with no hidden fee, and much, much more.
By keeping taxes low for small businesses and individuals, our Conservative government is demonstrating our commitment to creating jobs and making life more affordable. Moreover, by working with banks and credit card companies, we are ensuring that all Canadian consumers are protected and well educated in order to make informed choices about their financial futures.
Today, Canada stands tall in the world. Over 1.2 million more Canadians are working now than at the end of the recession. The majority of these net new jobs have been full-time positions in high-wage, private-sector industries. Canada has posted one of the strongest job performances in the G7. The International Monetary Fund and the Organisation for Economic Co-operation and Development expect Canada's growth, already ahead of our peers during the recovery, to continue to be solid.
Our government continues to be absolutely committed to job creation and economic growth, objectives that have underpinned our economic action plan since its inception in 2009. By staying the course and sticking to our proven economic action plan, our government will remain committed to helping all Canadian consumers. Let us hope that the NDP will finally start supporting our pro-consumer measures for once.