Madam Speaker, I have worked with my colleague for many years. I really appreciate him. He always comes to the House trying to bring forward ideas on tax fairness. He is doing that again today.
We know seniors are feeling the pinch when it comes to the housing crisis and inflation. What is being proposed, and what he is talking about in his speech, is about making sure that those who are 65 to 74 will get the same benefit in the OAS as those who are 75 and over. In that way, we would not have a two-tiered seniors benefit. I appreciate that.
When we look at the corporate tax rate, back in 2015, the PBO calculated that it generated $2.6 billion per 1% of tax for corporations. That would be roughly about $3 billion today, so that would equate to a 1% increase in corporate taxes. Instead of choosing corporate welfare, because we have the lowest corporate tax rate in the G7, how is that playing out? Big oil, big banks and big grocery are having record profits. Meanwhile, seniors are living in poverty.
Would my colleague support a 1% increase in corporate tax, or a windfall tax, on big oil, big grocery and big banks? Because we know that we did it to the big banks, which generated billions of dollars. There was a report done by the PBO that said big oil, with the same taxation, would generate $4.2 billion.