Mr. Speaker, the Liberal promise to go after the tax loophole was clear in the election campaign. It has not yet been done. We also are looking at going after offshore accounts. We know that it has not yet been done, although we are told it is in train. It is time in this country that we start looking at really progressive tax rates. We talk about what is happening with improving the minimum wage in some parts of the country. It is time we look at a maximum wage. It used to be accomplished through taxes.
I will astonish the hon. member by telling him what the tax rate was for the highest income earner rate at the time of the biggest economic boom in the United States. Post-war, everything was booming and they kept these tax rates in place for a very long time, right up until the 1960s. Members can check if they do not believe me, but the tax rate for people earning over $200,000 a year, which equates into today's terms to $2.5 million, roughly, was 94%. We have been so conditioned by neo-liberalism to believe that the best thing we can do for the economy is to cut taxes, that we have not looked at the evidence. The best time in employment and economic growth in U.S. history happened with the highest income earners facing a 94% tax rate.
I wonder if the hon. member thinks we should start looking in this direction at progressive taxation.