Thank you.
Mr. Moody, you mentioned our competitiveness when it comes to tax rates. I also have a blog post that you did, which I thought encapsulated it pretty well, where you said:
[I]t is...disappointing given the fact that our country’s personal and corporate tax rates...are not competitive when compared to the gorilla south of the border (the United States). Our firm continues to hold the strong view that tax rate reductions are needed to compete with the US given the strong magnetic pull that US tax reform has had on investment capital.
I wonder if you could elaborate on that a little bit and tell us a about the direction that we've seen in the United States, the direction that we're seeing here in Canada and what effects that has had, particularly when it comes to either attracting new businesses or to keeping businesses here that are currently here when we look at those differences in terms of competitiveness when it comes to tax rates.