Madam Speaker, in 2022, when we had a huge spike in oil prices with the global shock from oil and gas, we saw a huge windfall in profits. A study came out that said 50% of the profits through that spike went to the top 1%. That is insane. Right now, we are dealing with something very similar.
If we look back in our history, during World War II, we implemented a 75% excess profit tax on oil and gas. We could apply that today. That would generate over $46 billion. Even if we scaled that back to 20%, it would generate enough money to cover what the Liberals are proposing today, and we could do that fivefold to take the pressure off people.
Why is the government not bringing in an excess profit tax? Why is the government protecting the top 1%? In the United States, 50% of profits in 2022, for example, and it is here in Canada too, went to the top 1%.