We think it's important that we be competitive, and that's within a bound. I don't think it has to be exact, but we have to be in the range. The U.S. tax reform has put some pressure in that regard, though again, I'm looking a comparison done by EY and KPMG of tax rates and that we're pretty competitive in that regard. In the U.S. they've moved significantly, but we're still quite competitive on that side.
On the personal income side, I think that is one we have to watch carefully so that we're not out of bounds on that. One place that I would watch is what happens in the U.S., given the differences between the states. If you look at what's happened in New York and California, it will be interesting to see what happens to talent within the United States. It will move people.
I wouldn't make it a red alert right now on this side, other than to keep our eye on where that is. I think we have an opportunity with immigration. We've been pushing to make it easier for high talent to come into Canada, and I hope we can continue to push for the skills we need and make it easier for that talent to come into Canada. We have to keep our warning lights on to watch it.
The other area is regulation. What I have taken from the U.S. change recently gets back to your first question on regulation. I think we have underestimated the impact of Donald Trump. I'm not a big fan; I'll just be open with you about Donald Trump. However, what he's done from a deregulation point of view, we cannot underestimate what that's done for business growth in the United States. I think other countries are looking at that and saying there may be something there and are wondering if that's the aspect to focus on.
To your point on education, I do think education is critical for us to be able to be competitive over time. One thing we mentioned in our report here, though we weren't specific about it, is that we did make a comment that to assume that our K-to-12 and university systems are exactly fit for purpose as we look ahead is a bit of a stretch. I'm a big fan of our education system, but why does it take 16 years to make a doctor? Some people are challenging some fundamental assumptions about how we train people and do things in this new world. We didn't have specifics on it other than to say that we may want to start thinking about how we're going to be educating ourselves for this future world. To assume that the old industrial approach is still going to work, I think, is probably not the case.
I don't know if I'm being specific enough for you.