Thank you very much for this opportunity.
Dan has asked me to speak to two slides here. The first slide is comparing the tax on passive income between the current and the proposed rules. I want to make a couple of points with respect to that.
There's no question that the proposals will substantially increase the tax on passive income earned inside a private corporation where the source of the funds benefited from a tax deferral that the corporation offers. Basically, what the proposals will be doing is trying to tax back, to claw back, the advantages of that deferral. The tax rates on this slide, I think, are not in dispute. A lot of tax professionals have gone through them. There are substantial—