Thank you, Mr. Chair. Let me be the first to congratulate you on the resounding support this team is showing for your leadership, and we look forward to a very successful and well-run committee going forward. Congratulations, Chair.
Thank you to our witnesses for coming here today. I had the privilege of sitting with the finance minister when you appeared this morning, so I do have many questions, from not only this morning's comments but also this afternoon's.
Just very quickly, I want to read a quote. The opposition has been suggesting that we should stop our legislated and planned business tax reductions. Jack Mintz wrote an interesting piece, and I'll just quote it. I will read you the quote and then ask whether you agree.
...the reduction in corporate [taxes] will improve neutrality by imposing similar tax burdens on businesses and result in some revenue loss due to profit-shifting.
These economic gains are substantial....
Canadians by and large understand that the improved competitiveness of our corporate tax system has made Canada a much more attractive country for global investments. It helps bring down consumer prices since corporate taxes increase production costs. Greater capital investment induced by lower corporate taxes improves worker productivity and wages, as recent economic incidence studies have shown. Thus, corporate tax reductions help workers and consumers most.
It is important for Canada to complete its reforms if it wishes to maintain an image that is a country open for business.
Can I ask each one of you to comment on that?