Thank you, Mr. Chair.
Welcome to all the witnesses, and thank you for being here.
Mr. Lee, I direct my questions to you. The Centre for Future Work published an analysis of the capital gains measures this August, and I'll put some of its conclusions to you for your comment, if I might.
I'm quoting from it. It reads:
Very high-income Canadians receive a disproportionate share of total income. But they receive an even more lopsided share of total capital gains. In 2021, those with total income over $250,000 (the top 1.5% of tax-filers) received 61% of all capital gains. That is forty times bigger than their share of the population.
It goes on:
In contrast, low- and middle-income Canadians receive hardly any capital gains. Those with total income under $25,000 (one-third of tax-filers) receive barely 1% of all capital gains. Those with incomes between $25,000 and $50,000 (another 27% of tax-filers) receive 3.8%. Together, all those with total income under $50,000 (60% of tax-filers) receive just 5% of all capital gains.
Further:
Together, all those with total incomes over $100,000 (one-eighth of the population) received almost seven-eighths of capital gains. There is no other form of income more concentrated among the richest people in the country.
I'd like your comment on that.