I will be very brief.
Second, the earnings also reflect risk-taking, and as a consequence, while the government wants to promote increased productivity and innovation, we need to be sensitive to the fact that higher taxes on high-income earners are basically a tax on success and are also a deterrent to taking additional risk.
In point of fact, I think the government is absolutely right to be focusing on trying to create more inclusive growth. I would argue that the tax system is not the most effective way of achieving this. I think removing barriers to opportunity from low-income Canadians, from aboriginals, from youths, from immigrants and others would be a more effective way of having an impact on income inequality.
Lastly, on the TFSA limit reduction, the two points I would make are that TFSAs are used across the entire income spectrum. They aren't just used by high-income individuals. Many lower-income households are actually pushing up against the contribution limits, and I would be happy to discuss that further during the Q and A.
Lastly, I would flag the complaint that the government will face large lost potential tax revenues from the TFSA as a bit of a perverse position to take on the TFSA. Basically, you're saying that if it's successful in encouraging Canadians to save, we should effectively take measures to ensure that they don't do that. I think that the opportunity cost revenues that are being estimated to the government from the TFSA are probably overstated, because if the incentive isn't there, Canadians won't save as much.