Mr. Moody, thanks for your remarks and for pointing out that successive Conservative and Liberal governments have rejected the simplicity of the “buck is a buck” quote from the Carter commission period.
I want to take you back to remarks you made earlier when you spoke about the capital gains tax changes being a “proposal that blows a hole in the policy of integration, which has been a core principle of Canadian [taxation] for decades and decades" and that would “cause [various] distortions that are simply not good.” This is partly because of the disconnection between, say, a small business owner with a private corporation and an individual, who are not treated the same, with the small business owner not getting the $250,000 exemption.
Can you comment on the distortions that this policy, as presented, creates?