I'll share my time with Mr. Turner.
As a former practitioner of economics, I welcome both of you.
I might just mention to Mr. Wallace that one way of raising the threshold at the highest income tax is that you reduce every income tax rate and at the same time raise the threshold, which is exactly what we did in 2005 in the fiscal debate that was defeated.
I'd like to ask a general question. I had to be out of the room for a little while, and it might have been raised, but I haven't heard much talk about a general trade-off between efficiency and equity or progressivity. It would seem to me that a flat tax, while progressive for the reasons given, is a whole lot less progressive than the current system.
For example, I think Jon Kesselman's point number seven said a deduction is better than a credit but a reduction is also more regressive than a credit. I'd like to ask each of you how, in general, you balance the classic question of fairness versus efficiency in making these recommendations.