I'm very familiar with Jack's perspective on this. The thing that I don't think he's necessarily accounting for is the fact that, yes, there is evidence that if you introduce it in a vacuum it may not stimulate additional investment, but what a PwC study showed is that we don't operate in a vacuum. We sit beside our largest trading partner, the biggest economy in the world, that has introduced this measure. If you are a capital-intense sector here in Canada, there is a significant incentive now for new investments to be in the United States.
I don't think you can necessarily look at historical evidence around ACCA and then conclude, therefore, that this won't make a difference. We're seeing businesses make decisions in real time around where they want to invest capital. It's simply about levelling the playing field.
One other point on what Jack has been saying, where we agree, is that this type of tax expenditure is basically another hole in the tax system, and he has argued for a comprehensive review. We generally align on that viewpoint. We've been calling for a comprehensive review, with the objective of a broad tax base and a low rate. That's the ultimate outcome.
I just think that, unfortunately, given the situation we're in and what the U.S. has done, it leaves us no choice but to respond immediately.