Thank you, Mr. Chair.
Mr. Larson, Jack Mintz of the C.D. Howe Institute concluded that taxation reduces the economic gains from work, investment, saving, and risk-taking, undermining a country's overall competitiveness. Further, research by the Atlantic Institute for Market Studies demonstrated that high taxes discourage economic growth and investment, and today's competitive, wide-open economy requires precisely the opposite approach.
Perhaps with this in mind, and recognizing that a lower tax rate would encourage significantly greater foreign investment, would a lower tax rate necessarily mean lower tax revenues? In fact, doesn't it often lead to exactly the opposite--higher tax revenues--even though the rate is lower?