Yes, soup to nuts. I suppose we could say it that way. They would raise the taxes on absolutely everything.
As for the Liberals, if we want to know what a party is going to do, we should look at what it has done. When the Liberals were in power, they said they balanced the books. Yes, they did, on the backs of the provinces, health care, and social services. It is one thing to say we are going to balance the books; it is another thing to say we are going to balance the books by lowering taxes, not raising them, and by making certain that the transfers to the provinces are not impeded. In fact, we are increasing those transfers.
Let me talk about taxes for a second, because that aspect is rather significant. We have cut taxes over 160 different ways during that time period, providing an extra $3,200 per average family of four. People who had a job in 2008 and still have the same job now are paying that much less tax. That is very significant.
In the business sector, small- and medium-sized businesses are the ones that are really creating the jobs. We have lowered the taxes for them as well, from 12% down to 11%, but on the corporate taxes, we went from 28% over the years down to 15%. We even kept lowering those taxes during the recession. That takes a lot of leadership and a lot of understanding of what drives the economy.
Do members realize that with the taxes now at 15%, we are bringing in more corporate revenue to the federal government to deal with all the social services and all the issues that we have in lower-income brackets than we brought in at 28%? That is an amazing statistic, but it is very worthy of note in looking at what has actually happened with regard to lowering taxes.
We lowered the GST from 7% to 6% to 5%. It is very significant. Everyone who buys anything in this country is realizing the benefit from that. This is no small feat.
What does the corporate tax being at 15% do to us? We are creating lots of growth because of the competitive advantage we have with our largest trading partner. The corporate tax rate in America is 35%. That is compared to 15%; no wonder businesses are coming back into Canada. We saw that the headquarters of Tim Hortons, as an example, went to the United States because of the tax advantage. Then they came back. Why? It is the same reason: the tax advantage.
Those are the kinds of things we are seeing right across the entire spectrum in the private sector.
I said that we shrank government. We lowered taxes, which is very significant. What else did we do? We freed up the private sector, and that sector is what is really creating the jobs. We brought in a piece of legislation saying that for major projects, it would be one project, one review, at two years maximum. Those are phenomenal opportunities for the private sector.
We have lowered the red tape some 20% to 30% right across the board. Can we do more? Yes, and we absolutely have to do more when it comes to freeing up the private sector. I have had American counterparts tell me that they can go in and do one-stop shopping for projects and get approval. It is not that they are compromising on the approval but that they are doing it in a more streamlined way. We have to do more than that because we are not there yet, but we have certainly come a long way.
Freeing up the private sector to capitalize on the opportunities that we have in some of our trade agreements becomes very significant. That is the fourth thing that we did. We not only freed up the private sector to compete, but then we went after international agreements so they could compete and capitalize on free trade agreements, such as the one we just signed with the European Union. It is the largest, most comprehensive free trade agreement ever signed between any two countries anywhere in the world.
Members may ask where that came from. Is NAFTA not the largest free trade agreement ever signed in the world? Well, it was at the time. Our opponents disagreed with that, and even today they disagree with NAFTA. It is amazing. That is so, even though it created 40 million jobs, and even though the GDP of the three countries of Mexico, the United States, and Canada, which were at $7.6 trillion at the time of signing, have gone to over $17 trillion today. That could not have been realized when they signed the agreement. No one would have forecast that kind of growth. Everyone just said that it was a good opportunity for more trade, but nobody would have put all the pieces together to say that collectively we would raise our GDP and raise opportunity and prosperity in our three countries to that degree.
I would suggest that the same thing will happen with the European free trade agreement. Europe actually imports some $2.3 trillion a year. It is amazing how much more we can capitalize on that.
This does not happen by accident. Pieces of legislation like this take real leadership. Real opportunity for Canadians is what we are looking for. We are saying that these will get us to success, and that is true.
Before closing my remarks, I want to say that our greatest threat in Canada and in this room should be looking at what happens when these principles are not followed. The United States has gone down from a AAA rating to a AA. Heaven forbid that it ever goes to an A rating, which would compromise it all because of a lack of leadership. We need to stay the course.
I appreciate the opportunity to contribute to this piece of legislation.