Thank you, Chair.
Thank you to all the witnesses for being here today.
Initially, I wanted to go to you, Mr. Hayes, to talk about LSVCCs. I won't have the time, but I would like to pursue that with you at some point.
I do want to ask Ms. Fralick about consumption taxes on cigarettes. I mean all of us who've studied economics know the Ramsey rule; you apply consumption taxes to goods of inelastic demand in the hope that it will minimize the welfare costs associated with them.
Are we at a point now where it doesn't matter how much added tax we place on cigarettes, people are still going to buy them at the same level as they were before? Have we reached that point yet?