Yes, absolutely. Thank you for the opportunity.
We're happy with the changes made to the original proposal on passive investments, but our view is that what the government was trying to address there stems from the fact that the small business deduction continues to get used. It's a very expensive tax expenditure, and there's not a huge amount of evidence to support continuing that expenditure in this year. Finance estimates it's going to cost the government $5.5 billion in foregone revenue.
Rather than further complicating the tax system with more changes trying to restrict access to that deduction, why don't we take a broad look at the tax system, broaden the base, lower rates, and get rid of inefficient tax expenditures, such as the small business deduction. We think that's a more reasonable approach to this.