Well, this is a great conversation. Thanks to all of the witnesses for being here today.
Mr. Stanford, I'll start with you. Welcome back.
You mentioned in your opening remarks double-barrelled fairness. I thought that was an interesting way to put the fact that this new tax measure is increasing tax fairness while also increasing fairness in terms of the investments that are being made.
I wanted to ask you, though, about Kevin Milligan's comments on this. The reason I'm bringing this up is that I found both your article that was recently published, and also his remarks that were published online, really interesting. He said that a lot of the people who criticize these new tax fairness measures are not offering any alternatives to push back on inequality. I found that really interesting. He said, well, basically, you can infer from this that they often don't really care about inequality in our society.
Kevin Milligan put the question to himself online and asked whether this new inclusion rate change was really an effective and efficient measure among the others that could be considered. He said, “yes”.
Would you agree, Mr. Stanford, that this new capital gains change is really effective and efficient as a tax measure for addressing inequality?