Madam Speaker, I would like to thank my hon. friend and colleague from Kitchener Centre for his continued advocacy on this important issue and policy step. It is important, and our government firmly believes that at a time when middle-class Canadians are struggling to get ahead, and when it feels to so many like their hard work is not paying off as much as it used to, it is necessary for the government to improve fairness in Canada's tax system. As we know, since 2015, our government has reduced taxes for the middle class and we take steps forward on this very seriously.
The member knows that since I was a very young guy, I have always been an environmentalist and a staunch advocate for climate action. We have had many conversations about this and many other issues. I want to state, though, that I do not find the government's contributions and focus on things like active transportation and public transit to be trivial. In fact, they have been massive steps forward.
In Milton, for example, one of the first announcements I made was $4 million for a new public transit system. This is in a suburban community without a lot of density. We are just getting there when it comes to public transit being a necessity for our community, but our government has been there as a partner. Whether that is through the gas tax, or through the transfer that we do with the municipal funds, our government really has been there.
Since 2015, our government has reduced taxes on the middle class twice. It has implemented a number of measures to ensure the wealthiest individuals and corporations are contributing their share, most recently with capital gains changes. Some of these things are tough. Hard things are hard. When a government decides to take steps forward to find a fairer way to deal with taxation and the services Canadians require, including child care, dental care, pharmacare and other important services that all Canadians rely on at a free or affordable rate, we know that the wealthiest people in Canada are powerful and have the ability for push-back and, yes, lobbying, as the member pointed out.
Therefore, we take those risks; we take them confidently and we step forward for Canadians because we know it is the right thing to do. We believe it is time to ask the wealthiest Canadians to contribute a bit more. It is true that the wealthiest Canadians have gotten wealthier over the last five or six years. We have talked a lot in this House about this K-shaped curve, which, following the pandemic, shows that Canadians who were struggling a bit before the pandemic are struggling more now and folks who had a lot now have more.
Taking this step will allow us to move forward with bold actions announced in the most recent budget and to build a fairer future, with transformative instruments for housing and innovation, with respect to the clean economy and for younger generations. These major investments require new revenues and that is why we have proposed in budget 2024 to increase the inclusion rate on capital gains realized annually, above a quarter of a million dollars by individuals and on all capital gains realized by corporations and trusts, from one-half to two-thirds effective this past June 25. We expect this new measure will generate more than $19 billion in new revenues over the next five years. Thanks to these new revenues, we will be able to build better supports for those who need it most and make investments that will increase fairness for everyone.
I reflect back on some of the efforts by the first Trudeau government, in the late 1970s and early 1980s, to create a stronger social safety net and more non-market housing to ensure everybody had a place to live. I know a lot of MPs in this House have conversations frequently with people who are really frustrated and struggling and in legitimate need of housing. We have a lack of affordable housing in my community. In fact, I spoke to a gentleman just recently who is living in his truck and has fallen on really tough times. We need to find solutions for gentlemen like him. These measures to tax the wealthiest Canadians—