I apologize. I'm not doing this to be rude, but we have limited time.
I'm particularly interested in your analysis of capital gains. I agree with your assessment and I've seen that first-hand.
Can you talk a little bit about the unfairness of shifting the tax burden onto people who earn income by hours times wages—actual work, actual production, actual wealth creation—versus capital gains, which is this kind of imaginary bubble that floats around out there?
I'll give you an example. In my neighbourhood 15 years ago, when houses went for $200,000, the average worker who built the house was making $42 a hour as a unionized carpenter. Now that house goes for $800,000 and the average worker, the carpenter who built that house, is now making $48 an hour. The surplus value of labour clearly is being captured, but not by the worker.
Can you please talk about capital gains for me?