Mr. Speaker, labour and capital are some of the basic inputs into business. The way CPP is structured, it has the effect of a payroll tax, which is a tax directly on labour. This means it is a tax on productivity. As we tax productivity, it makes productivity naturally less productive, because the tax is slowing it. Therefore, it is making it more difficult for businesses to hire, it drives up the unemployment rate, and lowers businesses' profits. It makes a business more difficult to succeed, and therefore makes people less likely to take risks.
This is bad for the economy. Taxing productivity is the worst thing we can do if we want to grow the economy. We should target consumption, but instead the Liberals here are targeting productivity, and we are all losers for it.