Madam Speaker, I would like to thank my hon. colleague and friend, the member for Calgary Shepard, who I have the privilege of sitting on the finance committee with.
What I will say is that when we look at our overall tax system and the way it works, and if we look at the elasticity of tax in terms of the way the Parliamentary Budget Officer wrote about it in the report, our tax cut worked. We allowed nine million middle-class Canadians to receive a tax cut. They used that income to invest and save. We also adjusted the top tax rate. There was some front-loading in the first year, which many had anticipated. What we are seeing is that upper-income earners are still responding with their labour supply. They are still responding. We are still seeing growth in the economy. We are still seeing growth, I would say, in incomes.
The Parliamentary Budget Officer's report was, in my view, an endorsement and a validation of our policy of reducing taxes for middle-class Canadians and asking the 1% to pay a little extra.