I would fully agree with Mr. Davies.
With regard to the United States, in fact they do not take the full capital gain. They have a large exemption on capital gains—I don't recall, it's maybe $300,000—in addition to the deductibility of mortgage interest. They have gone overboard in giving fiscal incentives and stimulus for home ownership, and along with, of course, all the financing debacles of the last couple of years, that's part of the reason for the overinvestment and the bubble in the housing market in the U.S. We're seeing the downside of that now—not mainly tax, but their tax treatment has certainly encouraged this overinvestment in housing. It's simply an inefficient allocation of an economy's resources when people are buying a lot more home than they would under a more neutral system.